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Which best describes the closing process? Group of answer choices The cash account is reconciled to the bank statement The auditor determines that the accounting
Which best describes the closing process?
Group of answer choices
The cash account is reconciled to the bank statement
The auditor determines that the accounting equation still holds for the company.
The balance sheet is set to zero
The balance of each income statement account is transferred to retained earnings
The income statement is set to zero
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