Which of the following statements is correct regarding the use of the cash account in deferral and accrual adjustments at the end of the accounting period?
A)The Cash account can only be used in an accrual adjustment,but not in a deferral adjustment.
B)The Cash account can only be used in a deferral adjustment,but not in an accrual adjustment.
C)Transactions involving cash are often included in both accrual and deferral adjustments at the end of the accounting period.
D)Cash is never involved in end-of-period deferral or accrual adjustments.

Question

Quizplus · Accepted Answer

As cash is received or paid,it is recorded in the accounting system.Adjusting journal entries never involve cash.

Which of the Following Statements Is Correct Regarding the Use