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Question 15 2 points Which of the following account groups are zeroed out after the annual financial statements are prepared
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Answer #1

All temporary accounts i.e accounts of revenues and expenses are closed at the end of the accounting period. Thus, all revenues and expenses accounts are zeroed out after the annual financial statements are prepared.

Thus, Rent revenue, Fees earned and Miscellaneous expense will be zeroed.

First option is correct.

Permanent account i.e accounts of assets, liabilities and equity are not zeroed.

Kindly comment if you need further assistance. Thanks

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