Multiple Choice
The statement relating to reversing entries that is correct is:
A) They reverse the effect of credit transactions
B) They reverse the effect of certain adjusting entries
C) They reverse the effect of errors
D) They reverse the effects of closing entries
Correct Answer:
Verified
Correct Answer:
Verified
Q30: Interim statements are:<br>A)Summary statements<br>B)Prepared by junior staff
Q32: Accounting entries made to reduce the temporary
Q33: The post closing trial balance contains only:<br>A)income
Q34: The post-closing trial balance should contain only
Q35: Closing which of these accounts results in
Q36: Closing entries are made:<br>A)In the ledger only<br>B)In
Q37: If expenses exceed income,before it is closed,the
Q38: The statement relating to the Profit and
Q39: In the closing process which accounts are
Q40: The statement relating to reversing entries that