The end-of-period spreadsheet
A) is an integral part of the accounting cycle
B) eliminates the need to rewrite the financial statements
C) is a working paper that is required
D) is used to summarize account balances and adjustments for the financial statements

Question

Quizplus · Accepted Answer

The end-of-period spreadsheet is used to summarize account balances and adjustments for the financial statements. It is not an integral part of the accounting cycle and does not eliminate the need to rewrite the financial statements, but it is a working paper that is required to prepare the financial statements.

The End-Of-Period Spreadsheet