Question 21 Land is an example of a plant asset. True O False Moving to another question will save this response. Question 22 Which of the following is not true about closing entries? O a. After the second closing entry, the income summary account is equal to the net income or loss for the period O b. By closing nominal accounts at the end of the period to zero, it is possible to isolate next period's information O c. There are four closing entries that update the owner's equity account. O d. All real accounts are closed at the end of the period. Moving to another question will save this response. sponse. ing entries? me summary account is equal to the net income or loss for the period. of the period to zero, it is possible to isolate next period's information correctly. ate the owner's equity account. of the period esponse A Moving to another question will save this response. uestion 24 Of the following steps of the accounting cycle, which step should be completed first? O a. Transactions are posted to the ledger. O b. Closing entries are journalized and posted to the ledger. O C. Adjusting entries are journalized and posted to the ledger. O d. Financial statements are prepared. Moving to another question will save this response. uestion 23 Any twelve-month accounting period adopted by a company is known as its fiscal year. True O False A Moving to another question will save this response