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Problem 1: which of the following is incorrect regarding reversing entries
a. A reversing entry is the exact opposite of an adjusting entry.
b. The reversing entry for an adjusting entry this year is recorded next year.
c. Not all adjusting entries can be reversed
d. The preparation of reversing entries is a mandatory step in the accounting cycle.
Problem 2: Which of the following is not one of the purpose of reversing entries?
a. to facilitate the recording of cash receipts and disbursements in the next accounting period
b. to counter unfavorable business transactions do they will not happen again
c. To promote convenience in recording the next periods year end adjustments for accruals
d. To promote consistency of accounting procedure
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