Which of the following statements is incorrect concerning the worksheet? (a) The worksheet is essentially a working

Question:

Which of the following statements is incorrect concerning the worksheet?

(a) The worksheet is essentially a working tool of the accountant.

(b) The worksheet is distributed to management and other interested parties.

(c) The worksheet cannot be used as a basis for posting to ledger accounts.

(d) Financial statements can be prepared directly from the worksheet before journalizing and posting the adjusting entries.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9781119298229,9781119305842

10th Edition

Authors: Jerry J. Weygandt , Donald E. Kieso , Paul D. Kimmel

See More Books

Question Posted: Feb 07, 2024 03:01 AM

See More Questions

Which of the following statements is incorrect concerning the worksheet? (a) The worksheet is essentially a working tool of the accountant. (b) The worksheet is distributed to management and other...
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
Indicate which of the following statements are true or false regarding the work sheet. _____The work sheet is essentially a working tool of the accounting. _____The work sheet cannot be used as a...
The mass of the crane?s boom is 9000 kg. Its weight acts at?G. The sum of the moments about?P?due to the boom?s weight, the force exerted at?B?by the cable?AB,?and the force exerted at?C?by the...
Make a list of security concerns for a computer system for a bank. For each item on your list, state whether this concern relates to physical security, human security, or operating system security.
Discuss the proposition that most expatriate selection decisions are made informally, as suggested by the coffee-machine solution. LO3
An investor is considering purchasing a four-unit multifamily but is limited on capital. The individual has $125,000 and the purchase price is $625,000. The individual has a commitment from a local...
The following accounts and corresponding balances were drawn from Dexter Company's 2014 and 2013 year-end balance sheets: Other information drawn from the accounting records: 1. Dividends paid during...
Given a simple interest rate of 3% per year, what is the continuously com- pounded rate that will give the same payoff to a dollar invested today for one year? In what applications are continuously...
In the unadjusted trial balance of its worksheet for the year ended December 31, 2019, Knox Company reported Equipment of $120,000. The year-end adjusting entries require an adjustment of $15,000 for...
Accrual-basis accounting: (a) is optional under IFRS. (b) results in companies recording transactions that change a companys financial statements in the period in which events occur. (c) has been...
Let G1, G2 be two loop-free connected undirected graphs. If G1, G2 are homeomorphic, prove that (a) G1, G2 have the same number of vertices of odd degree; (b) G1 has an Euler trail if and only if G2...
The current rate of interest on S-T Treasury Bills = 10%, intermediate term Gov. Bonds = 11%, Lt- Gov. Bonds = 12%, AA rate Corp. Bonds = 13.5% and the rate of inflation is 5%. Holding-period returns...
Prepare Income Statement(absorption costing) for the second, third and fourth month. SALES (SP X unit sold) INCOME STATEMENT FORMAT (ABSORPTION COSTING) XXX Less: Cost of Goodsold VARIABLE COST (VC...
The following shows the distribution of final exam scores in a large introductory psychology class. The proportion under the curve is given for two segments (short answers-no calculations required)....
How much overhead was included in the cost of Job #461 at the beginning of January? * (1 Point). BREAD Co. uses a job order costing system. At the beginning of January, the company had 2 jobs in...
3. (3pt.) A state of a physical system is just a description of the system at an instant in time in terms of its properties. In classical mechanics, states are represented by points (in phase space)....
For each choice of f (t, y) given in parts (a)-(d): i. Does f satisfy a Lipschitz condition on D = {(t, y) | 0 t 1, < y < }? ii. Can Theorem 5.6 be used to show that the initial-value problem y' =...
Distinguish among total-moisture content, free-moisture content, equilibrium-moisture content, unbound moisture, and bound moisture.
Open Road Travel Court was organized on July 1, 2011, by Tiffany Lampkins. Tiffany is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Tiffany prepared...
On November 1, 2012, the following were the account balances of Tate Equipment Repair. During November, the following summary transactions were completed.Nov. 8 Paid $1,220 for salaries due...
Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were completed. July 1 Issued 12,000 shares of common stock for $12,000 cash. 1 Purchased used...
Suppose I have computed the cost of carbon per mile for my car at 0 . 0 1 2 per mile. Assume that the interest rate is 4 % and that I drive the car 2 8 , 0 0 0 miles per year. What is the present...
Imagine that in stable growth period, the firm earns ROIC of 10% and has after tax EBIT of 200 and reinvestment $ of 40. What is the steady state growth rate? 20% O 10% 2%
Tanner-UNF Corporation acquired as a long-term investment $160 million of 5.0% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until...

Which of the following statements is incorrect concerning the worksheet? (a) The worksheet is essentially a working

Question:

Step by Step Answer:

b The worksheet is a working to...View the full answer

Financial Accounting

Students also viewed these Business questions