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Q: a worksheet is a permanent accounting record and its use is required in the accounting cycle. Choosing a position and support your answer.
A: Permanent record? False. It's a WORKSHEET. It's used as an aid to make adjusting entries and close the books at the end of a financial period. The financial statements are the permanent records; the worksheet isn't. I don't even use them anymore. [ [ That was back when things were done on paper. It's still useful as a teaching tool for accounting students though. After one knows 'what's going
on' with adjusting entries, one really doesn't have to go through the whole worksheet process. (At least I don't). And hence, no, it's NOT required either. ] ]
Expert answered|indica20|Points 20|
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Asked 10/31/2012 11:05:23 AM
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