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111. After starting a new fiscal period on June 1s', Net Income on the Balance Sheet for June 1st in because - a. the net income for May 31st has not been transferred b. the net income for May 31" has been transferred c. there has not been any income earned for June 1st d. closing entries are not required for June 15 112. Which one of the following general statements about closing entries is false - a. only the asset and liability accounts may be closed b. Sage 50 closes the appropriate accounts automatically when you start a new fiscal period c. only the revenue and expense accounts may be closed d. net income is closed to the retained earnings capital account 113. After starting a new fiscal period on June 18, the trial balance will show zero balances for In accounts on June 1" because - a. the May 31st accounts have been closed b. the May 31" accounts have not been closed c. the June 1" accounts have been closed d. the June 1" accounts have not been closed 114. The date field drop-down list for session date windows shows - a. the session date and the current transaction date b. the fiscal start and end dates c. the earliest transaction date, end of fiscal period and the start of the next fiscal period d. all of the above 115. To change an account type from group to subgroup you should - a. delete the account and re-enter it with the correct type b. change the account opening balance to zero and then change the type c. select the account in the general ledger accounts window and edit the type d. none of the above 116. When you start a new fiscal period, the fiscal end date is automatically advanced - a. to create a new fiscal period of one year b. to the end of the calendar year for the new start date c. to match your previous fiscal period, i.e., by three months if you had a quarterly period b d. to the new fiscal start date