Concept explainers
Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.
To Explain: Why some accountant prepare an end-of-period spreadsheet.
Explanation of Solution
First, a worksheet records the account balances transferred from the adjusted
The spreadsheet used by the accountant to understand the impact of adjustments on the financial statements. It is illustrates the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and into the financial statements. For this purpose, some accountant prepare spreadsheet at the end-of-the period
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Corporate Financial Accounting
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- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College