Reversing entries are:
A) Optional.
B) Linked to accrued assets and liabilities that were created by adjusting entries at the end of the previous accounting period.
C) Used to simplify a company's record keeping.
D) Dated the first day of the next accounting period.
E) All of these answers are correct.

Question

Quizplus · Accepted Answer

Reversing entries are optional, linked to accrued assets and liabilities from adjusting entries, used to simplify record keeping, and dated the first day of the next accounting period, making all the options correct.

Reversing Entries Are