The most important general ledger account included in and affecting several cycles is the:
A) income tax expense and liability accounts.
B) cash account.
C) retained earnings account.
D) inventory account.

Question

Quizplus · Accepted Answer

The cash account is crucial as it affects multiple cycles, including revenue, expenditure, and financing, making it a central component of financial transactions and reporting.

The Most Important General Ledger Account Included in and Affecting