All of the following statements regarding a work sheet are true except:
A)A worksheet aids in the preparation of financial statements.
B)A worksheet reduces possible errors when working with many accounts and adjustments.
C)A worksheet is not useful 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 can be helpful in planning and organizing an audit of financial statements by providing a summary of account balances and adjustments, but it is not a primary tool for conducting an audit.

All of the Following Statements Regarding a Work Sheet Are