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Question 47Asked in DSSSB TGT Computer Science (Technical), 1 Aug 2021, Shift 3

Which of the following is/are correct? I. All permanent accounts are balanced and carried forward to the next accounting period.

Which of the following is/are correct? I. All permanent accounts are balanced and carried forward to the next accounting period. II. The temporary accounts are closed at the end of the accounting period.
  1. AOnly I
  2. BOnly II
  3. CBoth I and II
  4. DNeither I nor II
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Correct answer: (C) Both I and II

Explanation

Permanent (real and personal) accounts are balanced and carried forward to the next period, while temporary (nominal) accounts are closed by transfer to the profit and loss account. Both are correct.

From DSSSB TGT Computer Science PYQ (Technical), 1 Aug 2021, Shift 3

This is question 47 of DSSSB TGT Computer Science PYQ (Technical), 1 Aug 2021, Shift 3. See all questions of this paper with answers, or attempt the paper as a timed online test to get your score and all-India rank.