Which of the Following Is False? 141)

Multiple Choice

Which of the following is false? 141)

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