(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

Which of the following is true regarding closing enteries?

(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

(d) They must be made after the adjusting entries but before the reversing entries

Question added by Almutaz Bakry Sidahmed , Internal Audit Manager , Banan real estate
Date Posted: 2015/03/11

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by Syed Ali Zeeshan ACCA , Assistant Manager Accounts - Receivable , Maxim International (Pvt.) Limited

(b) They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account

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