what is account opening and account closing??
Answer Posted / mohammad kausar
1- Following the going concern concept, what is the closing of last year becomes the opening of next year.
2-Carrying forward balances from one year to immediate next succeeding year is called account opening.
and netting of an account at month/quarter/year is called account closing.
Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
what is accounting cycle ?
what is ment by suspence account and dummy account
when the ABC's personal bank to to his business bank money transferred(paid) then how to pass the entry.
Where should tds received should show in balance sheet?
what are the basic elements to prepare a quarterly information system and how to calculate that items?
whats the sales tax slab and company's turnover professional tax slab
Time limit for payment of divident for listed limited companies & Unlisted public limited companies are? 30 or 45 or 60 or 90
Wo kya cheez hai jo sal me 1bar mahine me 2 bar aur hafte me 4 bar aur din me 6 bar ata hai?
Describe the proof of cash type of bank reconciliation?
why are accounting firms needed?
What is fitting and fixtures?
How do you classify errors in accounting?
get fixed assets items
a company recive 5 demand draft in different parties 2 DD sumittted to bank for collection and it's collected. what is the closing entry of other 3 DD in the company on that date?
what role did you play in collections?