The ending balances for an accounting period become the beginning balances of the subsequent accounting period. This statement is:.

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09-02-2022
Business

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The ending balances for an accounting period become the beginning balances of the subsequent accounting period. This statement is:.

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Tundexi Tundexi · Answer 1 · 2022-02-22T12:26:50+01:00

It is true that ending balances for an accounting period become the beginning balances of the subsequent accounting period.

Why is this statement true?

In accounting, a financial record is prepared on annual base, hence, the ending balance for a particular year will be carry forward for preparation of subsequent year account.

In conclusion, It is true that ending balances for an accounting period become the beginning balances of the subsequent accounting period.