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Pleas help me... thank you! 1. Why are revenue and expense accounts called temporary or nominalaccounts? Explain. 2. What is the purpose of the cost

Pleas help me... thank you!

1. Why are revenue and expense accounts called temporary or nominalaccounts? Explain.

2. What is the purpose of the cost ofgoods sold account? (Assume a periodic inventorysystem.)

3.How does information from thebalance sheet help users of financial information?

4.What is working capital, and howdoes it relate to the operating cycle?

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