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.The closing process transfers certain account balances to retained earnings at the end of the accounting cycle.Only accounts that appear on the income statement are closed at the end of each accounting cycle.The permanent accounts contain information that is cumulative in nature.The retained earnings balance at the end of any given year is equal to that year's net income.