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Question Practice

What is the purpose of an opening entry in accounting?

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MCQ_SA
CBSE
Class 11
Accountancy
Accountancy - II
Financial Statements - I
Question Bank

What is the purpose of an open...

Single Answer MCQ
Q-00053550

What is the purpose of an opening entry in accounting?

1

To finalize revenue accounts

2

To open the accounts for a new period

3

To close expense accounts

4

To calculate net income

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