Closing entries are generally passed:

Related Mcqs:

Which of the following will affect the agreement of a trial balance?

A. Complete omission of a transaction B. Partial omission of a transaction C. Error of principle D. Compensating errors...

Which is the most important characteristic that all assets of a business have?

A. Long life of assets B. Value of assets C. Intangible nature of assets D. Future economic benefits...

An increase in provision for bad debt will____________?

A. Decrease net income B. Decrease liabilities C. Increase net income D. Increase liabilities...

Which of the following statements is true?

A. If a Trial Balance tallies, it always means that none of the transactions has been completely omitted B. A Trial Balance will not tally if a transaction is omitted C. A customer to whom goods have been sold on credit cannot avail himself of a cash discount D. A credit balance in the Pass … Which of the following statements is true?Read More...

Which one of the following is a capital expenditure?

A. Compensation paid to Directors on termination of their services B. Expenditure incurred in connection with the renewal of a Trade Mark. C. Gratuities paid to Directors on termination of their services. D. Royalty paid in installments for the purchase of rights to manufacture and sell patient medicines....