The Purpose of Reversing Entries Is To

question 145

Multiple Choice

The purpose of reversing entries is to:

• A) simplify the recording of certain journal entries in the future.
• B) correct an error made in a previous journal entry.
• 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.

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Definitions:

Key Comparisons

The process of comparing keys in algorithms or data structures, such as sorting or searching, to determine the relative order or presence of data.

Byte

The basic unit of storage in digital computing, typically consisting of 8 bits.

Data Item

A piece of data, often representing a basic unit of information or a value in a database or data structure.

Computer

An electronic device that can be programmed to perform a variety of tasks through the execution of stored instructions or software.