Reversing Entries

question 55

Multiple Choice

Reversing entries:

• A) are necessary when journal entries have been incorrectly recorded.
• B) are a required step in the accounting cycle.
• C) will often result in abnormal account balances in some accounts.
• D) are required only if the company uses accounting software to record journal entries.
• E) must be made before preparing the post-closing trial balance.

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Definitions:

80/20 Phenomenon

A principle often referred to as the Pareto Principle, which suggests that roughly 80% of effects come from 20% of the causes.

Color-Blind Ideological Framework

An ideology that proposes race should not and does not matter, often criticized for ignoring systemic racial injustices and inequalities.

Race-Conscious

Pertains to policies or practices that consider race as a factor in order to address racial disparities and promote equality.

Integrative Model

An approach that combines elements from various theories or practices to form a comprehensive method or strategy, often used in psychological or organizational contexts.