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

Question

Quizplus · Accepted Answer

The cash account is the most important general ledger account affecting several cycles because it is involved in nearly all transactions, including receipts and disbursements, and impacts various aspects of a business, such as operating, investing, and financing activities.

The Most Important General Ledger Account Included in and Affecting