When preparing financial statements, the bad debts account is closed by a transfer to:
A) The statement of financial position
B) The income statement
C) The trading account
D) The provision for bad debts account
Correct Answer:
Verified
Q2: The main purpose of a trial balance
Q3: Which of the following items appear on
Q4: What is the balance brought down on
Q5: Which of the following errors will cause
Q6: At the end of the financial year
Q7: A trial balance failed to agree. The
Q8: A trial balance failed to agree. The
Q9: Which of the following is an error
Q10: Which of the following is a reversal
Q11: Which of the following is not an
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