Which of the following is false?
A) Adjusting entries are made at the end of an accounting period.
B) Adjusting entries are not necessary under the cash basis of accounting.
C) The cash account will usually be affected by adjusting entries.
D) Adjusting entries always affect at least one revenue or one expense account and at least one asset or liability account.
E) Adjusting entries are used to record the effects of internal economic events.

Question

Quizplus · Accepted Answer

Adjusting entries typically do not involve the cash account because they are made to record revenues not yet received in cash or expenses not yet paid in cash.

Which of the Following Is False