Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 4 - Accrual Accounting Concepts - Questions - Page 201: 35

Answer

A worksheet is an excel format to: - record the trial balance, - make adjusting entries, - prepare income summary, - prepare balance sheet.

Work Step by Step

The worksheet is not an accounting record. However, the purpose of using this device is to make it easier for the accountants to prepare adjusting entries and the financial statements.
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