Edzy
AI TutorResourcesToolsCompareBuy
SearchDownload AppLogin
Edzy

Edzy for Classes 6-12

Edzy is a personal AI tutor for CBSE and State Board students, with curriculum-aligned guidance, practice, revision, and study plans that adapt to each learner.

  • Email: always@edzy.ai
  • Phone: +91 96256 68472
  • WhatsApp: +91 96256 68472
  • Address: Sector 63, Gurgaon, Haryana

Follow Edzy

Browse by Class

  • CBSE Class 6
  • CBSE Class 7
  • CBSE Class 8
  • CBSE Class 9
  • CBSE Class 10
  • CBSE Class 11
  • CBSE Class 12
Explore the CBSE resource hub

Explore Edzy

  • Study Resources
  • Free Study Tools
  • Best Apps for Board Exams
  • Edzy vs ChatGPT
  • About Us
  • Why We Built Edzy
  • Blog
  • CBSE AI Tutor

Support & Legal

  • Help & FAQs
  • Accessibility
  • Privacy Policy
  • Terms & Conditions
  • Refund Policy
  • Cookie Policy
  • Site Directory

© 2026 Edzy. All rights reserved.

Curriculum-aligned learning paths for students in Classes 6-12.

FS
Question Practice

When a business owner starts a new accounting period, how are the balances treated in the opening entry?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

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

When a business owner starts a...

Single Answer MCQ
Q-00053560

When a business owner starts a new accounting period, how are the balances treated in the opening entry?

1

They are completely ignored

2

They are summed into an income statement

3

They are recorded as they are

4

They are automatically increased

Previous QuestionNext Question

Video Explanation

Answer

Solution:

Watch Video Solution

Login to get access

Keep Practising

Students who asked this also explored

Continue with nearby questions to strengthen the same chapter concept while you still have the context fresh in mind.

Q1.

Which of the following is NOT included in the financial statements?

Single Answer MCQ
View explanation
Q2.

The primary purpose of a Trading Account is to calculate which of the following?

Single Answer MCQ
View explanation
Q3.

In a Profit and Loss Account, which of the following is deducted from Gross Profit to find Operating Profit?

Single Answer MCQ
View explanation
Q4.

Which financial statement reflects a company's financial position at a specific date?

Single Answer MCQ
View explanation