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

Question

Quizplus · Accepted Answer

Reversing entries are optional and can be used to simplify record keeping. They are linked to accrued assets and liabilities that were created by adjusting entries at the end of the previous accounting period. Additionally, reversing entries are dated the first day of the next accounting period.

Reversing Entries Are