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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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