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Management Sciences
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Management Sciences
Which of the following is true regarding closing entries?
A
They must be followed by reversing entries
Option A
B
They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
Option B
C
They must be made after the reversing entries but before the adjusting entries
Option C
They must be made after the adjusting entries but before the reversing entries
Correct answer
Correct answer: D
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