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Question 16 Closing entries are required to cumpir with the principles of revenue recognition and expense recognition. True False Question 17 After preparing an adjusted
Question 16
Closing entries are required to cumpir with the principles of revenue recognition and expense recognition.
True
False
Question 17
After preparing an adjusted trial balance, the next step in the accounting cycle is to record the closing antries and move to the general ledger.
True
False
Question 18
Explain the difference between revenue and earnings.
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