Which of the following statements is false? a. Adjusting entries are necessary because timing differences exist between

Question:

Which of the following statements is false?

a. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid.

b. Adjusting entries always affect at least one revenue or expense account and one asset or liability account.

c. The cash account will always be affected by adjusting journal entries.

d. Adjusting entries can be classified as either accruals or prepayments.

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