If a worksheet is prepared at the end of the accounting year,
A)the financial statements are prepared using the worksheet data.
B)preparation of the financial statements is not required.
C)the adjusting entries do not need to be journalized.
D)only a balance sheet is required.

Question

Quizplus · Accepted Answer

If a worksheet is prepared at the end of the accounting year, it is used to prepare the financial statements. The data from the worksheet is used to make adjusting entries, which are then journalized and used to prepare the financial statements. The balance sheet is only one of the financial statements that will be prepared using the worksheet data. Therefore, the best choice is A.

If a Worksheet Is Prepared at the End of the Accounting