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Reversing Entries Are Never Required

question 59

True/False

Reversing entries are never required.


Definitions:

Executor

An individual appointed by a will to execute or carry out the instructions and distribute the estate of the deceased.

Obligated

Required by law, contract, or agreement to perform or refrain from performing a certain action.

Stale Check

A check that is presented for payment more than six months after its date.

Regulation CC

A federal regulation that governs the availability of funds and collection of checks in the United States.

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