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Question 2 Statement I: Real accounts are those accounts on the income statement that are never closed. Statement II: Nominal accounts are those accounts on

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Question 2 Statement I: Real accounts are those accounts on the income statement that are never closed. Statement II: Nominal accounts are those accounts on the balance sheet that are only temporarily closed. O Statement 1 is correct; statement 2 is incorrect O Statement 1 is incorrect; statement 2 is correct O Both statements are incorrect O Both statements are correct

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