Question

Opening entry is passed for the first transaction of each day true or false
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Answer 1

Answer:

this answer is

Explanation:

true..

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Answer 2

Answer:

When the next financial year begins, the accountant passes one journal entry at the beginning of every financial year in which he shows all the opening balance of assets and all the liabilities include capital.

Explanation:

When a company decides to employ the double-entry bookkeeping method, it must first record an opening entry using the general journal in the ledger.

Depending on the inclusion of the beginning balance sheet's contents, the opening of a firm will differ from business to business.

The amount brought forward from the end of the previous accounting year at the beginning of an accounting period is known as the opening entries, and it is shown on the balance sheet. The company's assets, capital, and liabilities from the balance sheet of the previous year make up the opening balance.

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