The folio's opening balance each day is the same as its closing balance on the previous day, and the same can be said about the cumulative balance of accounts receivable.

Question

Quizplus · Accepted Answer

The opening balance of a folio on any given day is indeed the same as its closing balance on the previous day, as this reflects all transactions up to the end of the previous day. The same principle applies to the cumulative balance of accounts receivable, where the opening balance for a period is the closing balance from the end of the previous period, ensuring continuity in accounting records.

The Folio's Opening Balance Each Day Is the Same as Its