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

Question

Quizplus · Accepted Answer

Reversing entries are optional and are used to simplify the recording of transactions in the following accounting period. They can help avoid errors and reduce the likelihood of double-counting transactions. While they are not required by law or regulation, they are a useful tool for many businesses.

Reversing Entries