Which of the Following Statements Is Incorrect

question 47

Multiple Choice

Which of the following statements is incorrect?

• A) After the work sheet is completed, it can be used to help prepare the financial statements.
• B) On the work sheet, the effects of the accounting adjustments are shown on the account balances.
• C) Working papers are useful aids in the accounting process.
• D) On the work sheet, 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.

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Definitions:

Feeling (F)

Typically refers to emotions or sensations experienced by individuals, often used in psychological contexts to discuss emotional intelligence or awareness.

Thinking (T)

Thinking (T) refers to a cognitive process that involves reasoning, problem-solving, planning, and decision-making, often highlighting logical and analytical approaches to understanding issues.

Downward Moves

In finance or employment, refers to a decrease, such as in stock prices or a demotion in job position.

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