If a Worksheet Is Prepared at the End of the Accounting

question 58

Multiple Choice

If a worksheet is prepared at the end of the accounting year,

• A) preparation of the financial statements is not required.
• B) the adjusting entries do not need to be journalized.
• C) only a balance sheet is required.
• D) the financial statements are prepared using the worksheet data.

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Definitions:

Consumers

Individuals or organizations that use economic services or goods, playing a central role in economic systems as the end-users of products.

Promotional Activities

Marketing efforts aimed at increasing awareness, sales, and interest in a product or service through various strategies and channels.

Profitable

A financial state or condition where income exceeds expenses, leading to a net gain.

Retailers

Businesses or individuals that sell goods directly to consumers for their use and consumption, acting as the final link in the supply chain.