What are common-sized financial statements? (b) Why are common-sized financial statements useful in…

1. (a) Why is the closing process required at the end of an accounting period?

(b) To what account are revenue and expenses closed?

(c) To what account is dividends closed?

2. (a) What are common-sized financial statements? (b) Why are common-sized financial statements useful in interpreting and analyzing financial statements?

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