Question: A Moving to another question will save this response. Question 1 Income statement accounts need to be closed To correct errors in the event of

A Moving to another question will save this response. Question 1 Income statement accounts need to be closed To correct errors in the event of a misstatement Under GAAP but generally not under IFRS Before balance sheet accounts can be closed So that their balances are zero at the beginning of a new accounting period A Moving to another question will save this response

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