Real accounts can only be closed at the end of the year with a single compound entry.
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Q12: Closing entries do not affect the cash
Q13: The income statement,statement of retained earnings,and the
Q14: Publicly owned companies must file their audited
Q15: The Financial Accounting Standards Board (FASB)maintains and
Q16: A current asset must be capable of
Q18: A revenue account is closed by debiting
Q19: Companies need not disclose information that may
Q20: At year-end,all equity accounts must be closed.
Q21: Publicly-owned companies are:
A)Managed and owned by the
Q22: Publicly traded companies must file audited financial
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