A work sheet contains all of the balances for each account and therefore may be used as a substitute for the set of financial statements.

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A worksheet is a tool used to help prepare financial statements, but it is not a substitute for the set of financial statements. Financial statements include the income statement, balance sheet, and statement of cash flows, which provide comprehensive information about a company's financial performance and position. A worksheet only contains account balances and does not provide the same level of detail and analysis as financial statements.

A Work Sheet Contains All of the Balances for Each