A Company Usually Makes a Reversing Entry

question 13

Multiple Choice

A company usually makes a reversing entry

• A) on the first day of the next accounting period.
• B) at the end of the prior accounting period.
• C) on the second day of the next accounting period.
• D) on the last day of the next accounting period.

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Definitions:

Disconnection

The process or state of being detached or separated from something.

Group

Three or more people who work independently to attain organizational goals.

Collectivist Culture

A social pattern that emphasizes group goals and the importance of cohesion within social or occupational groups.

Greater Good

A principle that actions or policies are considered justifiable if they benefit the majority or improve the overall situation of a community or society.