Which of the following statements about adjusting entries is not correct?
A) Adjustments are needed to ensure that the accounting system includes all of the revenues and expenses of the period.
B) Adjustments help to ensure the related accounts on the balance sheet and income statement are up to date and complete.
C) Adjusting entries often affect the cash account.
D) Adjusting entries generally include one balance sheet and one income statement account.
Correct Answer:
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