A _____ is used to record properly the effects of an event or transaction that was improperly recorded during the accounting period.
A)reversing entry
B)preliminary entry
C)closing entry
D)correcting entry
E)none of the above

Question

Quizplus · Accepted Answer

A correcting entry is used to fix an error or omission made during the recording of an accounting transaction. It helps ensure that the financial statements accurately reflect the true financial position of the business. The other options (reversing entry, preliminary entry, and closing entry) all serve specific purposes, but are not used to fix errors.

A _____ Is Used to Record Properly the Effects of an Event