Which of the following statements is true of the worksheet?
A) The worksheet is a tool that takes the place of financial statement preparation.
B) The worksheet is a document used to summarize data to prepare financial statements.
C) The worksheet is a financial statement issued to the public to communicate the financial results of a company.
D) The worksheet is a type of journal.

Question

Quizplus · Accepted Answer

The worksheet is a document used to summarize data (such as adjusting entries and trial balances) in order to prepare financial statements. It is not a replacement for financial statement preparation or a type of financial statement itself, and it is not a journal.

Which of the Following Statements Is True of the Worksheet