Reversing entries are recorded in response to external transactions that were created in error during the prior accounting period.

Name: Reversing entries are recorded in response to external transactions that were created in error during the prior accounting period.
Brand: Quizplus
Rating: 5.0 (33 reviews)

Question

Quizplus · Accepted Answer

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

Reversing Entries Are Recorded in Response to External Transactions That