An important reason to use a work sheet is to
A) aid the accountant in the daily preparation of journal entries.
B) replace the journal when making adjusting and closing entries.
C) check the accuracy of adjusting entries before they are entered formally into the accounting records.
D) accompany the financial statements in the company's annual report.

Question

Quizplus · Accepted Answer

One of the important reasons for using a worksheet is to check the accuracy of adjusting entries before they are entered formally into the accounting records. The worksheet is a tool that accountants use to organize accounting information and calculate the impact of adjusting entries on the financial statements. It is not used to replace the journal or accompany the financial statements in the company's annual report. While the worksheet may aid in the daily preparation of journal entries, this is not its primary purpose.

An Important Reason to Use a Work Sheet Is to