Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 3 - No. 26)
4. What is an opening entry? In what will a business need to record opening entries in the general journal?
The first journal entry in the financial record
The first journal entry in a financial record that has been created
The final entry of the general journal
The entry for all financial records
Explanation
The opening entry is the initial record of the business's assets, liabilities, and equity, setting up the financial foundation.
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