Question

In: Accounting

which of the following is correct? a.) working papers are useful aids in the accounting process...

which of the following is correct?

a.) working papers are useful aids in the accounting process

b.)on the worksheet, the effects of the accounting adjustments are shown on the account balances.
c.) after the worksheet is completed, it can be used to help prepare the financial statements
d.) on the worksheet, the adjusted amounts are sorted into columns according to whether the accounts are used in preparing the unadjusted trial balance or the adjusted trial balance.
e.) A worksheet is not a substitute for financial statements.

*incorrect*

Solutions

Expert Solution

The incorrect option is

Option D. on the worksheet, the adjusted amounts are sorted into columns according to whether the accounts are used in preparing the unadjusted trial balance or the adjusted trial balance.

As all other option holds good for the definition and use of worksheets


Related Solutions

Which of the following gives the correct sequence of accounting process? A) Ledger, trial balance, journal,...
Which of the following gives the correct sequence of accounting process? A) Ledger, trial balance, journal, financial statements. B) Financial statements, trial balance, ledger, journal. C) Journal, ledger, trial balance, financial statements. D) Financial statements, journal, ledger, trail balance. 2. If your trial balance has a higher debit balance than credit balance, it signifies A) assets are more than liabilities. B) a profit. C) a loss. D) an error has been made. 3. The accounting principle of offsetting revenue with...
Which of the following is not a step in the accounting process?
Which of the following is not a step in the accounting process? Multiple Choice  Record relevant transactions and events in a journal. Post journal information to the ledger accounts. Prepare and analyze the trial balance. Analyze each transaction. Verify that revenues and expenses are equal.
Which of the following statements is(are) correct? A. Hemostasis is the process by which the body...
Which of the following statements is(are) correct? A. Hemostasis is the process by which the body spontaneously stops bleeding and maintains blood in the fluid state within the vascular compartment B. Hemostasis is divided into two stages: primary and secondary C. Normal vascular endothelial cell surface is thromboresistant (or antithrombotic) D. All of the above
Which of the following statements is CORRECT? A) Capital budgeting is the process by which a...
Which of the following statements is CORRECT? A) Capital budgeting is the process by which a firm selects the different amounts and types of capital it should finance its investments with. B) Capital budgeting is generally a short-term decision. C) Capital budgeting is the process by which a firm analyzes alternate projects and chooses the project(s) it wants to invest in. D) Capital budgeting has little to no impact on a firm’s future strategic direction.
Which is the correct order of the following steps in the accounting cycle?
Which is the correct order of the following steps in the accounting cycle?A. Prepare financial statements, journalize and post adjusting entries, journalize and post the closing entries, and prepare a post-closing trial balance.B. Prepare an unadjusted trial balance, journalize and post adjusting entries, journalize and post the closing entries, and prepare financial statements.C. Journalize and post adjusting entries, journalize and post the closing entries, prepare financial statements, and prepare an adjusted trial balance.D. Prepare an unadjusted trial balance, journalize and...
Which of the following options is not a tool useful in the modeling process? a. SST...
Which of the following options is not a tool useful in the modeling process? a. SST b. Scatter plot of dependent vs independent variable c. Adjusted R^2 d. t-tests for slope coefficients e. Partial F-test
Which of the following statements is correct about relevant range? The relevant range is useful for...
Which of the following statements is correct about relevant range? The relevant range is useful for operations managers, but not necessarily for cost managers within a production facility. The relevant range only applies to fixed costs in the context of "step costs." The relevant range determines production levels for the company. The relevant range helps managers make decisions based on normal operations, but the relevant range is not prescriptive beyond the range.
Which of the following is the least useful in the professional financial planning process?      Set...
Which of the following is the least useful in the professional financial planning process?      Set both short and long-term goals.     Prepare financial statements to see where you are now.      Prepare budgets to see if you can meet your short-term goals.     Prepare budgets to see if you can meet your short and long-term goals.
The following items are documented in the audit working papers: 1. Sales transaction included in the...
The following items are documented in the audit working papers: 1. Sales transaction included in the year ended December 31, 2016, but evidence from the cut-off procedure suggests that the sale should be dated January 2, 2017 ($1,250,000). 2. Warranty expenses in the trial balance for the year to December 31, 2016, total $150,000; the provision for warranty claims as at December 31, 2015, was $100,000. Evaluation of correspondence suggests that an additional $200,000 in warranty claims could result from...
Which of the following statements is most correct? a. Cash flows and accounting profit are not...
Which of the following statements is most correct? a. Cash flows and accounting profit are not at all related since no common elements are used in the calculation of either individual measure. b. The debt ratio measures that portion of fixed assets which is supported by common equity. c. High inflation can seriously distort firms' balance sheets, and since inflation also affects depreciation and inventory costs, profits can also be affected. d. Financial statement analysis is important from the investor's...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT