Which of the following statements is TRUE of the worksheet?
A) The worksheet is a tool that takes the place of financial statement preparation.
B) The worksheet is a document used to summarize data to prepare financial statements.
C) The worksheet is a financial statement issued to the public to communicate the financial results of a company.
D) The worksheet is a type of journal.

Question

Quizplus · Accepted Answer

The worksheet is a document used to summarize data and make adjustments to prepare financial statements. It is not a tool to replace financial statement preparation, a financial statement issued to the public or a type of journal.

Which of the Following Statements Is TRUE of the Worksheet