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Which statement regarding graded potentials is false?
Closing Entries
Entries recorded at the conclusion of a fiscal period to move balances from temporary accounts to permanent ones, thus readying the accounts for the upcoming period.
Closing Entries
Entries in the journal made during the closing of an accounting period to move balances from transitory accounts to enduring accounts.
Fiscal Year
A one-year period that companies and governments use for financial reporting and budgeting, different from the calendar year.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts to prepare the books for the next period.
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