If a Company Utilizes Reversing Entries, They Will

question 65

Multiple Choice

If a company utilizes reversing entries, they will

• A)be made at the beginning of the next accounting period.
• B)not actually be posted to the general ledger accounts.
• C)be made before the post-closing trial balance.
• D)be part of the adjusting entry process.

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Definitions:

Registered Trademark

A trademark that has been officially recognized and recorded by a governmental entity, granting exclusive rights to the owner for its use in commerce.

License

A license is a legal permission granted by an authority allowing an individual or entity to do something that would otherwise be illegal or infringing on certain rights.

Patent Agreement

is a legal contract in which the patent holder grants permission to another party to use, manufacture, sell, or distribute the patented invention under defined terms and conditions.

Scuba Diving

The activity of underwater diving where the diver uses a self-contained underwater breathing apparatus (SCUBA) to breathe underwater.