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Why do some accountants prepare an end-of-period spreadsheet?
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
Why do some accountants prepare an end-of-period spreadsheet?
Explain the reasons for preparing an end-of-period spreadsheet.
Explanation of Solution
Spreadsheet: A spreadsheet is a worksheet. It is 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.
First, a worksheet records the account balances transferred from the adjusted trial balance, which are required to prepare the financial statements for the particular year. In the income statement, it records the expenses account balances in the debit column and revenues account balances in the credit column. Similarly, it records assets in the debit column and liability and equity accounts in the credit column.
The spreadsheet assists the accountant to understand the impact of adjustments on the financial statements. It reflects the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and into the financial statements. For this purpose, some accountants prepare spreadsheet at the end-of-the period.
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