Which of the following is true regarding closing entries??

Accounting Mcqs
BILAL KHATTAK0

A. They must be followed by reversing entries
B. They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
C. They must be made after the reversing entries but before the adjusting entries 
D. They must be made after the adjusting entries but before the reversing entries 

Related Mcqs:

  1. Which of the following statements is correct about Trial Balance??
  2. Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve?
  3. Closing entries are generally passed:?
  4. Debit balance = Credit balance in a trial balance indicates that:?
  5. Closing stock appearing in the Trial Balance is shown in:?
  6. The annual financial statement of the estimated income and expenditure for the ensuring year is known as
  7. Revenue receipts are shown in___________??
  8. Which of the following is true about a trial balance??
  9. Profit on sale of old plant is:___________??
  10. Trial balance is prepared to check accuracy of_______________??

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