Asked by
Alexis Michelle
on Oct 16, 2024
Verified
A work sheet contains all of the balances for each account and therefore may be used as a substitute for the set of financial statements.
Work Sheet
An informal document used by accountants to organize and summarize financial data for the preparation of financial statements.
Financial Statements
Concise financial records that encapsulate a company's financial performance, position, and cash flows over a specific period.
- Understand the role and advantages of employing a worksheet during the accounting cycle.
Verified Answer
AC
Learning Objectives
- Understand the role and advantages of employing a worksheet during the accounting cycle.