Which of the Following Statements Is Incorrect

question 31

Multiple Choice

Which of the following statements is incorrect?

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

Phone Calls

Voice communications made over a distance using telephones or mobile devices.

Expense Slip

A slip of paper on which any expense, or cost, that is incurred on behalf of a client, such as the payment of court fees or long-distance telephone charges, is recorded.

Expense Or Cost

The economic value or outlay associated with a product, service, or activity, often considered in terms of its impact on an organization's finances.

Fees Charged

The amount of money requested or required in exchange for services provided.