Accounts of an entity are closed down at the end of the accounting year.
A
True
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
B
False
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution
The correct option is A True Accounting year is a period of 12 months which is different from the calendar year. All the books of accounts of an entity are prepared for an accounting year and closed at the end of an accounting year.