Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 9 - No. 20)
What is the purpose of a closing entry?
a) To update the accounts at the end of the accounting period
b) To reset temporary accounts to zero at the end of the accounting period.
c) To find the bank statement balance.
d) To reconcile the cash book.
Explanation
To reset temporary accounts to zero.
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