1) Which set of accounts listed below are considered to be temporary accounts with regard to the closing process of the accounting cycle?

a) Common Stock and Preferred Stock

b) Cash Dividends and Stock Dividends

c) Premium on Bonds Payable and Discount on Bonds Payable

d) Investments in Bonds and Investment in ABC Corporation Stock

2) Which set of accounts listed below are considered to be permanent accounts with regard to the closing process of the accounting cycle?

a) Treasury Stock and Stock Dividends Distributable

b) Cash Dividends and Stock Dividends

c) Loss on Redemption of Bonds and Gain on Redemption of Bonds

d) Income of ABC Corporation and Dividend Revenue