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Distinguish between a reversing entry and adjusting entry? Are reversing entries required?

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تم إضافة السؤال من قبل abdukadir abdi
تاريخ النشر: 2017/01/05
Soliman Abd  ALmalak Gendy
من قبل Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

Adjusting entries must be processed before the financial statemens are assued to reflect the accrual method of accounting. _Reversing entries will be dated as of the first day of the accounting period following the period of the accrual-type adjusting entries.

kamran khalid
من قبل kamran khalid , Accountant , Callguard Security Services

Reversing entry means wrong entry

 

Adjusting entry means some error in previous entry or entries.

مستخدم محذوف‎
من قبل مستخدم محذوف‎

A reversing entry simply REMOVES a previous transaction whereas an adjusting entry CHANGES a previous transaction. I would say yes, they are required, especially in cases where errors have been made. The reversing entry then provides the audit trail. 

manseer muhammed ali
من قبل manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC

Generally, adjusting entries are required every accounting period so that a company's financial statements reflect the accrual method of accounting. ... Adjusting entries are necessary to: accrue expenses and losses and the related liabilities.

Mujtaba Kamal
من قبل Mujtaba Kamal

Adjusting entries are recorded at the end of year to record the correct amount of revenue & expenses. These adjusting entries are necessary for compliance with the matching principle while Reversing entries are optional. They are made at the start of the year to cancel the effect of adjusting entries.

Marlon Joseph Serrano
من قبل Marlon Joseph Serrano , General Accountant , Oskar Phone LLC

Reversing entry is optional while adjusting entries is needed in accounting cycle.

 

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