It is NOT necessary to prepare formal financial statements if a work sheet has been prepared because financial position and profit are shown on the work sheet.

Question

Quizplus · Accepted Answer

While a work sheet does provide information about the financial position and profit of a business, it is still necessary to prepare formal financial statements in order to present accurate and detailed information to stakeholders, including investors, creditors, and regulators.

It Is NOT Necessary to Prepare Formal Financial Statements If