Multiple Choice
Which of the following statements concerning the worksheet is correct?
A) When a worksheet is used, there is no need to make journal entries.
B) A worksheet consists of seven sections.
C) Section 5 (Income Statement) and Section 6 (Balance Sheet) are optional.
D) A completed worksheet is a substitute for the financial statements.
Correct Answer:
Verified
Correct Answer:
Verified
Q12: Preparing the worksheet is a required step
Q13: When a business uses a computerized accounting
Q14: The formula for computing the current ratio
Q15: The last two columns generally found on
Q16: The beginning balance in the Woodlands,Capital account
Q18: Net income (loss)is the difference between the
Q19: Liquidity is a measure of how quickly
Q20: The steps of the accounting cycle are
Q21: An account that is NOT closed at
Q22: A business starts each new time period