After closing,all income statement accounts have non-zero balances.

Name: After closing,all income statement accounts have non-zero balances.
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Quizplus · Accepted Answer

The closing process involves transferring the balances of revenue and expense accounts to the retained earnings account, resulting in a zero balance in the income statement accounts. Therefore, after closing, income statement accounts should have zero balances, not non-zero balances.

After Closing,all Income Statement Accounts Have Non-Zero Balances