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:

Market Entry

The strategy or process of introducing a new product or service into a new or existing market.

Retail Life Cycle

Describes the stages of growth and decline that retail businesses go through, including introduction, growth, maturity, and decline.

Early Growth

A stage in the product life cycle characterized by rapid sales growth and increasing market acceptance.

Accelerated Development

The process of speeding up the development timeline of a project or product to bring it to market faster.