The worksheet
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 worksheet is used to summarize account balances and adjustments for the financial statements. It is not an integral part of the accounting cycle but a useful tool to prepare financial statements. It is not required but can be used as a working paper. It does not eliminate the need to rewrite financial statements as the final versions are typically prepared separately. Therefore, option D is the best choice.

The Worksheet