Reversing Entries Are

question 122

Multiple Choice

Reversing entries are:

• A)the exact opposite of a prior adjusting entry.
• B)dated the last day of the new period.
• C)are required to be passed as per the Generally Accepted Accounting Principles (GAAP).
• D)expensive to record and time consuming.

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Definitions:

WTO

Short for World Trade Organization, an international body aimed at promoting and facilitating free trade by reducing tariffs and other trade barriers.

Tariff

A tax or duty to be paid on a particular class of imports or exports, used by governments to regulate trade.

Normal Trade Relations

A GATT principle of trade law which requires that WTO member states treat like goods coming from other member states on an equal basis.

GATT

General Agreement on Tariffs and Trade, a multilateral treaty aimed at reducing global barriers to trade and promoting international commerce.