Multiple Choice
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.
Correct Answer:
Verified
Correct Answer:
Verified
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