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:

Extraverted

Characterized by an outward-focused orientation, enjoying social interactions, and drawing energy from being around other people.

Single-Parent Families

Households led by one parent, who is responsible for raising children, often facing distinctive challenges.

External

Originating from outside; not inherent or internal.

Locus of Control

A psychological concept referring to the degree to which individuals believe that they have control over the outcome of events in their lives.