What do you mean by work sheet, Accounting Basics

Assignment Help:

Q. What do you mean by work sheet?

The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusting and closing entries and to prepare the financial statements. Typically they save these work sheets to document the end of period entries. A work sheet is merely an accounting tool and not part of the formal accounting records. Consequently work sheets may vary in format some are prepared in pencil thus that errors can be corrected easily. Other work sheets are organized on personal computers with spreadsheet software. Accountants prepare work sheets every time financial statements are needed that is monthly or quarterly or at the end of the accounting year.


Related Discussions:- What do you mean by work sheet

Can a buyer still avail the 2% discount if he/she partially, can a buyer st...

can a buyer still avail the 2% discount if he/she partially paid the accounts receivable at the 5th day and the full payment is on the 10th day of the given discount period in th

Eco-02, “Ledger is said to be the principal book entry and the transactions...

“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.

Bank for international settlements (bis), Bank for International Settlement...

Bank for International Settlements (BIS) A consortium bank recognized to coordinate the collection and rescheduling of German reparations after World War I, the BIS has surviv

Final accounts, with help of illustrations,comment on final accounts

with help of illustrations,comment on final accounts

Show double-entry procedure or duality, Q. Show double-entry procedure or d...

Q. Show double-entry procedure or duality? In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we deb

1-aug-13 started business by investing $20, 1-Aug-13 Started business by in...

1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purc

What are the steps for closing entries, What are the steps for Closing entr...

What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1.  Balance of the total R evenue to Income Summary 2.  Bal

Introduction to accounting and business structures, Discuss the considerati...

Discuss the considerations that management should take into account in determining the design of an accounting system which will satisfy both (i) its own information requirements a

Marginal and Absorption, the guinegog is a trader in portable cd-man. His b...

the guinegog is a trader in portable cd-man. His budgeted output is 5000 units per quarter. The following data was available for the year 1998: Direct labour @ $6 Direct material @

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd