Adjustments are analyzed and planned

Which accounting concept applies when a work sheet is prepared at tehend of each fiscal cycle?

Income Summary is

All accounts on a general ledger are listed on a post-closing trial balance.

The income summary account balance must be reduced to zero to prepare the account for the next fiscal period.

Temporary accounts must start each fiscal period with a zero balance.

Permanent accounts must start each fiscal period with a zero balance.

When total expenses are greater than the total revenue

The last step in the accounting cycle is to

The journal entry to close the expense accounts is to

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