In the General Journal, Reversing Entries Are Dated as of

question 72

Multiple Choice

In the general journal, reversing entries are dated as of

• A) the last day of the old fiscal period.
• B) the first day of the new fiscal period.
• C) any day during the month of the new fiscal period.
• D) any time before the end of the fiscal period.

---

Definitions:

Outstanding Checks

Checks that have been issued by a company but have not yet been cashed or cleared by the bank.

Bank Statement

A monthly or quarterly document provided by a bank detailing the account holder's transactions, balances, and fees.

Cash Account

An account that records all transactions involving cash inflows and outflows.

Asset Account

An account on a company’s balance sheet that represents a resource controlled by the company as a result of past events and from which future economic benefits are expected.