Preparation of a worksheet eliminates the necessity of preparing an income statement and a balance sheet.

Name: Preparation of a worksheet eliminates the necessity of preparing an income statement and a balance sheet.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Preparation of a worksheet is a tool to prepare the income statement and balance sheet. It helps in organizing and calculating the financial data necessary for the two statements. However, it is not a substitute for the income statement and balance sheet themselves.

Preparation of a Worksheet Eliminates the Necessity of Preparing an Income