its Question 12 1 pts Which step in the accounting cycle occurs prior to the preparation of the financial statements? Analyse transactions Record and post adjustments Close the accounts O Analyse the changes in the accounts Question 13 1 pts Which of the following is correct relating to closing entries: O Closing entries adjust the records prior to completing the financial statements Closing entries reset the financial performance accounts to zero at the start of the new financial period Closing entries are recorded each day the business closes to capture the inventory costs for the day O There is no difference, both will need to be in balance in order to continue with the end-of-period processing. Question 1