_1. Since the worksheet already shows the net income or net loss, there is no need to prepare an income statement. a. true b. false 2. A worksheet is a multicolumned paper that aids in the preparation of the financial statements. a. true b. false 3. Income statement and balance sheet figures are the same as those in the adjusted trial balance b. false a. true _4. Following the rules of debits and credits is an assurance of accuracy of the resulting information in the income statement and balance sheet. a. true b. false
_1. Since the worksheet already shows the net income or net loss, there is no need to prepare an income statement. a. true b. false 2. A worksheet is a multicolumned paper that aids in the preparation of the financial statements. a. true b. false 3. Income statement and balance sheet figures are the same as those in the adjusted trial balance b. false a. true _4. Following the rules of debits and credits is an assurance of accuracy of the resulting information in the income statement and balance sheet. a. true b. false
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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