QUESTION 14 Which of the following statements is correct? a Balance sheet accounts are permanent accounts and do not retain their balance from one period to the next Ob Income statement accounts are temporary accounts and do not retain their balance from one period to the next OC. Balance sheet accounts are temporary accounts and do retain their balance from one period to the next d. Income statement accounts are permanent accounts and do retain their balance from one period to the next QUESTION 15 Which of the following statements does not correctly describe the relationship between the income statement and the ending retained earnings balance? a. Net Income and net loss both affect the ending retained earnings balance Ob. A net loss decreases the ending retained earnings balance c. Aner loss does not affect the ending retained earnings balance d. Income increases the ending balance of retained earnings