Which of the following is the closing balance of a ledger account?
Correct answer: A. Balance c/d
- A. Balance c/d
- B. Balance b/d
- C. Balance e/d
- D. Balance f/c
Explanation
Balance c/d means balance carried down and represents the balance determined at the end of the accounting period. Balance b/d is the opening balance brought down for the next period.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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