A Reversing Entry

question 131

Multiple Choice

A reversing entry:

• A)is required by Generally Accepted Accounting Principles (GAAP).
• B)is dated the last day of an accounting period.
• C)is the same as the prior adjusting entry passed in the books.
• D)switches the debit and the credit of a previous entry.

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Definitions:

Loyalty Segmentation

The process of dividing a customer base into groups based on the degree of loyalty they exhibit towards a brand or product.

Micromarketing

A marketing strategy focused on a small group of highly targeted customers, tailoring products and marketing messages to their specific needs and preferences.

Population Increases

refers to the rise in the number of people in a particular area, affecting various aspects of society including demands for goods and services.

Fixed Costs

Those costs that remain essentially at the same level, regardless of any changes in the volume of production.