Regarding Net Income (NI) at the end of the accounting period, the correct statements are: Check all that apply: A closing entry shifts data from temporary accounts on the income statement to permanent accounts on the balance sheet. All revenue, cost and expense ( Nl as a result) accounts end with a zero balance because they are reported in a defined period and are not carried over into the future. As part of the closing entry process, NI is moved into retained earnings on the balance sheet