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Accounting Chapter 8

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  • 1. Multiple Choice
    30 seconds
    1 pt
    Temporary accounts include assets, expenses, and the owner’s drawing account.
    True
    False
  • 2. Multiple Choice
    30 seconds
    1 pt
    Temporary Accounts are also called nominal accounts.
    True
    False
  • 3. Multiple Choice
    30 seconds
    1 pt
    Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.
    True
    False
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