Which of the following statements is incorrect?
A) After the work sheet is completed, it can be used to help prepare the financial statements.
B) On the work sheet, the effects of the accounting adjustments are shown on the account balances.
C) Working papers are useful aids in the accounting process.
D) On the work sheet, the adjusted amounts are sorted into columns according to whether the accounts are used in preparing the unadjusted trial balance or the adjusted trial balance.
E) A worksheet is not a substitute for financial statements.

Question

Quizplus · Accepted Answer

The adjusted amounts on the worksheet are sorted into columns for the adjusted trial balance, not for both the unadjusted and adjusted trial balances.

Which of the Following Statements Is Incorrect