Question

Before transferring the balance from Opening Bal Equity, be sure to verify that______

Answer 1

Ensure the current account balance is accurate by checking the first number under Balance before transferring the Opening Bal Equity. Sum up Export, Import, and Balance columns to confirm this.

Step-by-step explanation:

Before transferring the balance from Opening Bal Equity, be sure to verify that the current account balance is accurate. This involves checking the first number under Balance, which should represent the opening balance equity from the prior period. Then, you proceed to Step 10 which entails summing up the columns for Exports, Imports, and Balance to ensure that the final balance number accurately reflects the current account balance. It's critical to validate these numbers to ensure the accuracy and integrity of financial statements.