Indicate Whether Each of the Following Statements About the Closing

Indicate whether each of the following statements about the closing process and the accounting cycle is true or false.
_____ a)The closing process transfers certain account balances to retained earnings at the end of the accounting cycle.
_____ b)Only accounts that appear on the income statement are closed at the end of each accounting cycle.
_____ c)Another name for temporary accounts is "nominal accounts."
_____ d)The permanent accounts contain information that is cumulative in nature.
_____ e)The retained earnings balance at the end of any given year is equal to that year's net income.