A T-Account for Cash Cannot Contain Any Credits

question 219

True/False

A T-account for cash cannot contain any credits.

---

Definitions:

IASB

International Accounting Standards Board, an independent body that develops and approves International Financial Reporting Standards (IFRS).

IFRS

The International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is intended to become the global standard for the preparation of public company financial statements.

IOSCO

Stands for the International Organization of Securities Commissions, which is a global body that sets standards for regulating securities and futures markets.

Convergence

In financial contexts, it can refer to the efforts to harmonize international accounting standards and practices, reducing differences between region-specific frameworks.