The Purpose of Reversing Entries Is To

question 37

Multiple Choice

The purpose of reversing entries is to:

• A)Simplify a company's recording of certain journal entries in the future.
• B)Correct errors made in previous journal entries.
• C)Ensure that closing entries have been properly posted to the ledger accounts.
• D)Make certain that only permanent accounts are carried forward into the next accounting period.
• E)Complete a required step in the accounting cycle.

---

Definitions:

Numerical Value

A quantitative measurement or amount usually expressed as a number or a set of numbers.

Population Size

The total number of members in a defined population.

Symbols

Characters or glyphs that are used to represent objects, functions, or processes.

Population

The entire group of individuals or instances about whom the study is focused.