EBK ACCOUNTING PRINCIPLES
EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
bartleby

Concept explainers

bartleby

Videos

Question
Book Icon
Chapter 4, Problem 1Q
To determine

Worksheet: A worksheet is the summarized form of accounting information which is made in order to ensure that the accounts are entered correctly to prepare financial statements.

Accounting Cycle: Accounting cycle refers to the process of recording a business transaction in the books of accounts. This cycle concludes when the financial statements are prepared.

To explain: Worksheet is a permanent accounting record and its use is required in the accounting cycle.

Expert Solution & Answer
Check Mark

Answer to Problem 1Q

Yes, worksheet is permanent accounting record and its use is required in the accounting cycle in order to ensure that the accounts are entered correctly to prepare financial statements.

Explanation of Solution

  • A worksheet is prepared to summarize the information needed for the preparation of financial statements.
  • Worksheet is useful for preparing the journal entries, financial statements and adjusting entries. It is helpful in every field of accounting cycle.
  • Worksheet is used by the accountants as it lowers the risk of mistakes at the time of preparation of final financial statements.
  • Worksheet is used to prepare the accounting reports. Worksheet is used to prepare adjusted trial balance by drafting the unadjusted trial balance.
  • It can be used for the purpose of planning. Worksheets help the management of company in the timely preparation of financial statements and also in a correct manner.
Conclusion

Thus, worksheet is a permanent accounting record and its use is required in the accounting cycle.

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!

Chapter 4 Solutions

EBK ACCOUNTING PRINCIPLES

Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY