All of the following statements regarding a work sheet are except:
A) A worksheet aids in the preparation of financial statements.
B) A worksheet reduces the possibility of errors when working with many accounts and adjustments.
C) A worksheet does not assist in planning and organizing an audit of financial statements.
D) A worksheet helps in preparing interim financial statements.
E) A worksheet shows the effects of proposed or "what-if" transactions.

Question

Quizplus · Accepted Answer

A worksheet may assist in the preparation of financial statements, reduce the possibility of errors, help in preparing interim financial statements, and show the effects of proposed transactions. However, a worksheet does not assist in planning and organizing an audit of financial statements, as this is the responsibility of the auditor.

All of the Following Statements Regarding a Work Sheet Are