Which of the following is true regarding closing entries?

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

Right Answer: They must be made after the adjusting entries but before the reversing entries

February 22, 2018   Asghar Khan    Accounting  
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