1. Explain the difference between Deferrals and Accruals. What are the subcategories of each? Define each subcategory 2. Name an account whose balance does not change from the preparation of the trial balance to the preparation of the post-closing trial balance in the accounting cycle. What is the one account that can possibly only appear on the post-closing trial balance in an accounting cycle? (Hint: Think of a company that has just opened) 3. What is the purpose of closing entries? What are some possible issues accountants may have if closing entries were omitted from the accounting process