As part of the closing process,revenues and expenses are closed to a temporary account called Net income (loss).

Name: As part of the closing process,revenues and expenses are closed to a temporary account called Net income (loss).
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Revenues and expenses are closed to the Income Summary account, not directly to a Net Income (Loss) account. The balance of the Income Summary account is then closed to the Retained Earnings account.

As Part of the Closing Process,revenues and Expenses Are Closed