For each of the following items, select the letter of the best answer and write it in the space provided
17.The procedure by which all revenue and expense account balances are transferred to retained earnings
18.A presentation of accounting information organized by individual account.
19.The process of reporting, summarizing and reporting accounting information
20.A chronological record of transactions
21.End-of-period entries to update account balances
22.Expenses incurred to generate revenues are recorded in the same period in which the revenues are recorded