91. Revenues and expenses are temporary accounts.
92. In the closing process, the amounts in temporary accounts are moved to net income, a permanent account.
93. Accounts that are closed include expenses, dividends, and unearned revenues.
94. After closing, all income statement accounts have non-zero balances.
95. Two of the steps in the accounting cycle are adjusting the accounts and closing the accounts.
96. Accrual-basis accounting often fails to match expenses with revenues.
97. The matching concept leads accountants to select the recognition alternative that produces the lowest amount of net income.
98. Adjusting entries never affect a business's cash account.
99. Asset use transactions always involve the payment of cash.
100. The governance of a corporation includes the roles and responsibilities of the board of directors, managers, shareholders, and auditor.