Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 30 - No. 28)
What does the term "balancing off an account" mean in accounting?
Adjusting the entries to match the bank statement.
Finding the difference between the debit and credit sides of a ledger account.
Closing the ledger account at the end of an accounting period.
Matching debit entries with the corresponding credit entries.
Explanation
Balancing off an account is the process of finding the difference between the debit and credit sides of an account.
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