Question Details

The use of reversing entries



1.		Current liabilities
a.	are obligations that the company is to pay within the forthcoming year.
b.	are listed in the statement of financial position in order of their expected maturity.
c.	are listed in the statement of financial position starting with accounts payable.
d.	should not include long-term debt that is expected to be paid within the next year.


2.	The use of reversing entries
a.	is a required step in the accounting cycle.
b.	changes the amounts reported in the financial statements.
c.	simplifies the recording of subsequent transactions.
d.	is required for all adjusting entries.



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