It is TRUE that, a closing balance at the end of a period is not the same as the opening balance at the beginning of the next period.
At the end of a reporting period, an account's closing balance is its total value. This sum is carried over to the start of the following reporting period if an account is a permanent account. If an account is a temporary account, the balance is reset to zero at the end of the fiscal year and the amount is rolled into retained earnings.
A closing balance is made up of transactions that might have an impact on an account hundreds or even thousands of times over the course of a reporting period. The specific transactions in an account that add up to the closing balance must be examined in order to determine why a closing balance is a certain amount.
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