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Which statements is correct for revenue and expense accounts

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Reference no: EM132563363

Question 1: Which of the following statements is correct for revenue and expense accounts?

Option A. all expense accounts are shown on the Income Statement except the Cost of Goods Sold account

Option B. some of the revenue and expense account balances are used to prepare the Income Statement, and some of the revenue and expense account balances appear on the Balance Sheet

Option C. all of the revenue and expense account balances are used to prepare the Income Statement

Option D. the beginning balance in the Retained Earnings account, and all of the revenue and expense account balances, are used to prepare the Income Statement

Option E. none of the above statements are correct

Reference no: EM132563363

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