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what is the diff between reversal and cancellation entries?
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Answer / s subhalaxmi
Most of the cases both are considered in same sense,but we
use reversal when we made some mistakes while passing
entries which we need, but cancellation used when there is
no necessary for the entry at future.
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / suburam
'Reversal' is a rectification of mistake.
'Cancellation' is an Adjustment.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / sangeetha g
I agree with S Subhalaxmi. I have another answer too
reversal for rectification for closed period. cancellation
for open period. I mean
exp: wrong entry for rs.100 on APR 8 2009. if closed period
is Mar 08 to Apr 09. Once we closed the book as of Apr 09
and realised the rs.100 wrong so I can't cancel the entry
due to closed i can reverse in MAy 1 2009.
| Is This Answer Correct ? | 2 Yes | 0 No |
Which element do you need to enter during document posting to distinguish between international and local GAAP (generally accepted accounting principle)?(any 2 answer) • Account group for the account approach • Ledger for the ledger approach • Ledger group for the ledger approach • Account for the account approach
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