9. Which of the following is NOT typically a part of an entity's processes for continuously maintaining its books and records? (A) Tracking and valuing its inventory. (B) Computing and recording depreciation and amortization expenses. (C) Recognizing revenues and expenses. (D) Conducting audits of each employee's sales for internal benchmarking. Question 10. Which of the following statements about T-accounts is true? (A) An entity may use T-accounts either along with or instead of the general ledger. (B) The initial purchase of an asset is logged as a credit to that asset's T-account. (C) An equity account's opening balance in a period must be logged on its T-account as a credit even if the entity has an accumulated loss from the prior period. (D) An entity's sale of bonds (but not stock) in a period will be logged as a debit to an asset account and a credit to an equity account. (E) None of the above is true. Question 11. Which statement (or statements) about the accounts listed in an entity's general ledger is (or are) true? (A) Permanent accounts include revenues, expenses, and other gains or losses and always carry forward from year to year. (B) Income statement accounts are closed at the end of each accounting period. (C) If the balance in a balance sheet account becomes zero, the account is closed. (D) All of the above are true