A Reversing Entry Is

question 34

Multiple Choice

A reversing entry is:

• A)a journal entry used to close the temporary accounts after preparation of financial statements.
• B)a special journal entry used to make the adjustments that took place after preparing the trial balance.
• C)a special journal entry that eases the burden of accounting for transactions in the next period
• D)a journal entry passed at the end of an accounting period to match assets with liabilities.

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Definitions:

Stereotypes

Widely shared beliefs about the characteristic traits, attitudes, and behaviors of members of various social groups (racial, ethnic, or religious), including the assumption that the members of such groups are usually all alike.

Cognitions

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.

Learned

Acquired knowledge or skills through experience, study, or being taught.

Learning

A relatively permanent change in behavior, knowledge, capability, or attitude that is acquired through experience and cannot be attributed to illness, injury, or maturation.