Accountıng I Deneme Sınavı Sorusu #1135399
Which of the following stages in accounting cycle includes "opening the accounts for the new fiscal year"?
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Beginning of the period activities |
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During the period activities |
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End of the period activities |
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Completing period activities |
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Post closing period activities |
Yanıt Açıklaması:
Beginning of the period activities deal with the opening transactions of the company. After the closing entries done for the previous term, the accounts have to be opened for the new fiscal year. The opening of the accounts is based on the opening balance sheet.
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