Question $5(0\mathrm{.}1$ points$)$

The closing process takes place before financial statements have been prepared.

True

False

Question $6(0\mathrm{.}1$ points$)$

Revenue and expense accounts are permanent accounts and should not be closed at the end of the accounting period.

$$ True

False

Question $7(0\mathrm{.}1$ points$)$

Closing entries result in the owner's capital account being transferred into net income or net loss for the period ending.

True

False