Reference no: EM133005882

Problem 1: The closing entry process consists of closing......

Select one:

a. all permanent accounts.

b. all income and expenses accounts.

c. all asset and liability accounts.

d. out the owner's capital account.

Problem 2: Which of the following statement about control accounts is not correct?

Select one:

a. they provide summarised data.

b. they appear in the subsidiary ledger.

c. they appear in the trial balance.

d. they follow the normal rules of debit and credit.