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Which of the following is an advantage of diversity for a business organization?
Temporary Accounts
Accounts that are cleared out at the end of each accounting period, including revenues, expenses, and dividends accounts.
Permanent Accounts
Balance sheet accounts that carry their ending balances into the next accounting period, including assets, liabilities, and equity accounts.
Closing Entry Process
The procedure at the end of an accounting period to prepare the accounts for the next period by clearing out revenues and expenses into the Retained Earnings account.
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