Select the one term that best fits each definition
-An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period.
A) accrual
B) accrued interest expense
C) accrued expenses
D) deferral
E) deferred expenses
F) deferred revenue
G) reversing entry

Question

Quizplus · Accepted Answer

A reversing entry is specifically made at the beginning of a new fiscal period to negate or reverse an adjusting entry from the end of the previous period, ensuring that transactions are recorded in the correct period.

Select the One Term That Best Fits Each Definition