Reversing entries
A)Are required by CRA.
B)Are optional.
C)Fix errors in journal entries.
D)Are not posted to the ledger.
E)Are mandatory.

Name: Reversing entries A)Are required by CRA. B)Are optional. C)Fix errors in journal entries. D)Are not posted to the ledger. E)Are mandatory.
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Question

Quizplus · Accepted Answer

Reversing entries are optional and not required by CRA (Canada Revenue Agency). They are made to fix errors in the journal entries and are posted to the ledger. However, they can be reversed in the next accounting period.

Reversing Entries