A Reversing Entry ________

question 95

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)exactly resembles the prior adjusting entry prepared in the books
• D)switches the debit and the credit of a previous entry

---

Definitions:

Invention

A new method, idea, product, or process developed from study and experimentation.

Technological Advance

The development and application of new technologies, leading to more efficient production processes, new products, or improved services.

Capitalist Economy

An economic system where private individuals and businesses own the means of production and operate for profit, guided by market forces.

Economists

Professionals or scholars who study, develop, and apply theories and concepts from economics, and write about economic policy.