Assuming the use of a work sheet, are the formal adjusting entries recorded and posted to the

Question:

Assuming the use of a work sheet, are the formal adjusting entries recorded and posted to the accounts before or after the financial statements are prepared? Explain your answer. Would your answer change if a work sheet was not prepared? Explain.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

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