A Reversing Entry Would Never Involve Which of the Following

question 93

Multiple Choice

A reversing entry would never involve which of the following accounts?

• A)Interest Expense
• B)Wages Payable
• C)Cash
• D)Interest Income

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Definitions:

Deferral Method

An accounting practice where revenue or expenses are recognized at a date later than when they were initially incurred, often applied to revenue received in advance or prepayments of expenses.

Pledge

A commitment or security for the payment of a debt, performance of an action, or purchase of a good.

Estate

The total value of all the assets owned by an individual at the time of their death, including property, cash, and investments, minus any liabilities.

Interest Income

Income earned from lending funds or depositing money in interest-bearing accounts.