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
Want to see more full solutions like this?
Chapter 4 Solutions
Corporate Financial Accounting
- What are the benefits of a computerized accounting system as compared to a manual based accounting system? What is the 13thperiod in MYOB?arrow_forwardWhat would the Accounting Memo and Email to Client look like?arrow_forwardIf you are to create your own accounting software, what and how would it be?arrow_forward
- What is better: adopting a manual accounting information system or a computerized accounting information system? How to set up the system?arrow_forwardWhy are we studying IT controls, functions, and job responsibilities in an accounting course?arrow_forwardCompare between computerized accounting and manual accountingarrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College