All of the following statements regarding a work sheet are true except:
A. A worksheet reduces possible errors when working with many accounts and adjustments.
B. A worksheet is not useful in planning and organizing an audit of financial statements.
C. A worksheet shows the effects of proposed or "what-if" transactions.
D. A worksheet helps in preparing interim financial statements.
E. A worksheet aids in the preparation of financial statements.
Answer: B
You might also like to view...
Brand imagery is a consumer's emotional response and reaction with respect to the brand
Indicate whether the statement is true or false
A company had the following purchases and sales during its first year of operations: PurchasesSalesJanuary:10 units at $1206 unitsFebruary:20 units at $1255 unitsMay:15 units at $1309 unitsSeptember:12 units at $1358 unitsNovember:10 units at $14013 unitsOn December 31, there were 26 units remaining in ending inventory. Using the perpetual FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
A. $3,405. B. $3,540. C. $3,200. D. $3,365. E. $3,270.
Entries are made to the Petty Cash account when
A) making payments out of the fund. B) recording shortages in the fund. C) replenishing the petty cash fund. D) establishing the fund.
What is the informal communication network? How effective is it? How does an effective manager deal with it?