Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger. To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Question

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Answer 1

Question

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

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Students have asked these similar questions

Gamma Industries, which applies manufacturing overhead on the basis of machine hours, has provided the following data for its most recent year of operations: Item Amount Estimated Manufacturing Overhead $540,000 Estimated Machine Hours 18,000 Actual Manufacturing Overhead $562,500 19,500 Actual Machine Hours The estimates for manufacturing overhead and machine hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. Calculate the overhead rate for the year.

How much was over-or under-applied overhead?

None

Answer 2

Question

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

Answer 6

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

Answer 7

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Answer 8

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Answer 12

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

Answer 13

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - Prob. 3Q Ch. 4 - 4. If a company’s revenues are $125,000 and its...Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - 7. Describe the nature of the Income Summary...Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following would not appear in the...Ch. 4 - 10. Distinguish between a reversing entry and an...

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