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which of the following is incorrect? a.) permanent accounts is another name for nominal accounts b.) temporary accounts carry a zero balance at the beginning
which of the following is incorrect?
a.) permanent accounts is another name for nominal accounts
b.) temporary accounts carry a zero balance at the beginning of each period
c.) the Income Summary account is a temporary account.
d.) Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.
e,].) the closing process applies only to temporary accounts.
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