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1.5 Which of the following statements is true? entries are processed in order to net income and expense accoumts balances off to zero. b) Income,

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1.5 Which of the following statements is true? entries are processed in order to net income and expense accoumts balances off to zero. b) Income, expense, asset, liability, and equity accounts are closed off at the end of the financial period. c) Adjusting entries are prepared after closing entries. d) The profit for the year is calculated in the trading account. e) Property is a liability

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