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Which of the following is NOT true about spam?
Net Loss
The amount by which total expenses exceed total revenues for a business over a specified period, indicating financial performance.
Nominal Accounts
Accounts that are closed at the end of each accounting period, including revenue, expense, and withdrawal accounts.
Temporary Accounts
Accounts used to track transactions in a single accounting period, which are closed and transferred to permanent accounts at the end of the period.
Income Summary
An account used in the closing process that summarizes the revenue and expenses of an accounting period to determine the net income or loss.
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