Explain the purpose of a worksheet.
A worksheet is a multiple-column form used in the adjustment process and in preparing financial statements. As its name suggests, the worksheet is a working tool. It enters the adjustments in the worksheet columns and then journalizes and posts the adjustments after it has prepared the financial statements. thus, worksheets make it possible to provide the financial statements to management and other interested parties at an earlier date.
Problems: Completing the Accounting Cycle
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- Explain the purpose of a worksheet.
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