Q
Which of the following is true regarding closing entries?
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A
A. They must be followed by reversing entries
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B
B. They transfer the balances in all of the nominal accounts to the trading and profit and loss account
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C
C. They must be made after the reversing entries but before the adjusting entries
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D
D. They must be made after the adjusting entries but before the reversing entries
Correct Answer:
D. D. They must be made after the adjusting entries but before the reversing entries
