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Q. |
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 |
Answer» D. They must be made after the adjusting entries but before the reversing entries |
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