The closing balance of each day is the same as the opening balance of the following day; whether the count is cans of peas, bottles of scotch or accounts receivable.

Question

Quizplus · Accepted Answer

The closing balance of any given day becomes the opening balance for the next day, as it represents the final state of an account or inventory at the end of one day, which then serves as the starting point for the next day's transactions or counts.

The Closing Balance of Each Day Is the Same as the Opening