which of the following is correct as it relates to use of worksheets in preparing financial statements?
which of the following is correct as it relates to use of worksheets in preparing financial statements?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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which of the following is correct as it relates to use of worksheets in preparing financial statements?
Transcribed Image Text:O
It is useful in preparing interim (monthly or quarterly) financial statements when journalizing and posting adjusting entries are postponed
until the year-end
it captures the accounting process only partially as it does not link economic transactions to their effects in financial statements.
All of the choices are correct.
It is an internal document that is generally distributed to decision makers.
The work sheet is a mandatory working paper that can simplify the accountant's efforts in preparing financial statements
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