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Asked Jun 30, 2019
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Why is it necessary to prepare formal financial statements if all the data are in the statement columns of the worksheet?

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Expert Answer

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Worksheet is an accounting  tool used by the business  which is used for balancing and closing the books of accounts at the end of the financial period.  The worksheet has all the balances, adjustment entries and closing balances which are required in the preparation of the financial statements.

Financial statements are the fi...

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