Which of the following statements concerning the worksheet is correct?
A) When a worksheet is used, there is no need to make journal entries.
B) A worksheet consists of seven sections.
C) Section 5 (Income Statement) and Section 6 (Balance Sheet) are optional.
D) A completed worksheet is a substitute for the financial statements.

Question

Quizplus · Accepted Answer

A worksheet typically consists of eight sections: heading, trial balance, adjustments, adjusted trial balance, income statement, balance sheet, statement of retained earnings, and closing entries. Therefore, statement B is the only correct statement.

Which of the Following Statements Concerning the Worksheet Is Correct