It does and will always show up on your grade report as two grades The first grade is the before deferred exam grade, which is a 0 or F usually because it gives you a zero for the exam. Then the second grade which is your actual grade and is the one that is used for your average calculation etc shows up beside it. Don't worry about how its noted on transcripts, its a little funny looking but lots of people defer exams.
As far as whether they let you or not, unless you personally are sick that day and have a good doctors note (lots of people get these every year, I had a roommate who did this once per exam semester with a migraine) you have to have a very good reason for the registrars office to let you The prof has no say, you have to go through your faculty office.
For example, my room mate first year had her grandmother, whom had lived with her throughout highschool, pass away the day before her first exam. The registrar (Engineering) would only let her defer her first week of exams and she had to provide a death certificate. They made her write her second week of exams. So if your deferring it for a non personal " got sick this day" reason, they are going to want proof.
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<3 Chem and Bio Engineering 2015 <3
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