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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

The __________ is a working paper used by accountants to record necessary adjustments and provide up-to-date account balances needed to prepare the financial statements.

  1. a. journal
  2. b. balance sheet
  3. c. accounting cycle
  4. d. work sheet

To determine

Find the correct option, the option that indicates the correct term for the given explanation.

Explanation

Worksheet: Worksheet is an accounting tool that helps accountants to record adjustments and up-date balances required to prepare financial statements.

Justification for correct answer: Worksheet is a central place where trial balance, adjustments, adjusted trial balance, income statement, and balance sheet are presented. So, worksheet facilitates to record the adjustments and up-date the balances in the financial statements. Hence, option (d) is correct...

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