Multiple choice

The special journal that is automatically reversed after the date of the journal is

  1. reversing journal

  2. memo voucher

  3. optional voucher

  4. journal voucher

  5. rejections in voucher
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Reversing journal exists only till that date and is effective only when it is included in reports. It is used in interim reporting in the course of the financial year where accruals are to be reported. These accruals are usually short term and are cleared in the subsequent period.

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