Which of the following is not true about closing entries?
|a.||By closing nominal accounts at the end of the period to zero, it is possible to isolate next periodâ€™s information correctly.|
|b.||There are four closing entries that update the retained earnings account.|
|c.||After the second closing entry, the income summary account is equal to the net income or (loss) for the period.|
|d.||All real accounts are closed at the end of the period.|