ABC.com has a calendar with 12 monthly periods. Their fiscal year is the calendar year.
ABC.com uses Average Balance Processing. ABC.com’s Accrual category is defined with
Autoreversal, with the reversal period as the Next Day, and an effective date rule of Roll. An
accrual journal entered on 29-Apr-05 will be reversed on the _____.
A.
next day in the same period
B.
first day of the next period
C.
next business day in the same period or next period based on transaction calendar
D.
next business day in the same period