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TB TF Qu. 02-92 The balances of the temporary... The balances of the temporary accounts are transferred to Net Income, a permanent account, during the closing process. True or False True False TB TF Qu. 04-130 Selling costs are recognized as expenses... Selling costs are recognized as expenses in the period when goods are sold. True or False True False TB TF Qu. 09-115 The current ratio is a measure... The current ratio is a measure of a company's liquidity. True or False True False