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 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 can assist auditors in planning and organizing an audit of financial statements, therefore statement C is false. All other statements are true.

All of the Following Statements Regarding a Work Sheet Are