Reversing entries are made at the end of the accounting cycle to correct errors in the original recording of transactions.

Name: Reversing entries are made at the end of the accounting cycle to correct errors in the original recording of transactions.
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Question

Quizplus · Accepted Answer

Reversing entries are made at the beginning of a new accounting period to reverse the effect of certain adjusting entries made at the end of the previous accounting period, not to correct errors.

Reversing Entries Are Made at the End of the Accounting