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Which statements describes the closing off process

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Reference no: EM132553993

Question 1: Which of the following statements describes the closing off process?

Select one:

a. To allocate real account balances to SOFP

b. To transfer income account balances to the expense account

c. To transfer nominal account balances to SOFP

d. To close off the capital account balance to the net profit

Reference no: EM132553993

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