Reversing entries:
A) Are prepared on the worksheet.
B) Are mandatory.
C) Are optional.
D) Correct errors in journal entries.
E) Are required by GAAP.

Question

Quizplus · Accepted Answer

Reversing entries are optional and can be used to simplify the accounting process in the following period. They are not required by GAAP but can help to correct errors in journal entries. They are not always prepared on the worksheet but can be directly entered into the general journal.

Reversing Entries