A work sheet is a substitute for the financial statements.

Name: A work sheet is a substitute for the financial statements.
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A worksheet is not a substitute for the financial statements. Worksheets are a tool used by accountants to summarize information and prepare financial statements, but they are not considered financial statements themselves. Financial statements are the official reports of a company's financial performance, such as the balance sheet, income statement, and cash flow statement.

A Work Sheet Is a Substitute for the Financial Statements