Accounting Mcqs

Q.  Closing stock in the Trial Balance implies that______________?

a. It is already adjusted in the opening stock
b. It is adjusted in the Purchase A/c
c. It is adjusted in the Cost of Sale A/c
d. It is adjusted in the Profit &Loss A/c


ANSWER: See Answer
 
Closing Stock appearing in the Trial Balance implies that it has already been adjusted in the Purchases Account and hence appears as an asset in the Balance Sheet.
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