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Which of the following is FALSE regarding speciation?
Temporary Account Balances
Accounts that are closed at the end of each accounting period, including revenues, expenses, and dividends accounts.
Net Income
The net gain a company achieves after all operational costs and taxes are removed from its entire revenue.
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts, thereby preparing the books for the next period.
Revenue Account
An account in financial accounting used to record income generated by a company's ordinary activities.
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