Quest Intangible assets are long-term assets that have no physical form and convey special rights. True False The closing process helps in measuring each period's net income separately from all other periods. True False As a part of the closing process, revenues and expenses may be closed to a temporary account called the Net Income (Loss). True False The financial statement that reports assets, liabilities, and owner's equity as of the last day of the period is called the income statement balance sheet unadjusted trial balance statement of owner's equity