Asked by Shehroze Tariq on Jun 04, 2024
Verified
On a work sheet,the adjusted balances of revenues and expenses are sorted to the Income Statement columns of the work sheet.
Adjusted Balances
Balances that have been modified to reflect corrections or adjustments, often related to accounting and financial statements.
Income Statement
A financial report that shows the revenue, expenses, and net income of a company over a specific period, highlighting its profitability.
- Comprehend the function and benefits of using a worksheet in the accounting cycle.
Verified Answer
AM
Alfonso Morillo IIIJun 09, 2024
Final Answer :
True
Explanation :
Adjusted balances of revenues and expenses are transferred to the Income Statement columns of the work sheet to prepare the income statement.
Learning Objectives
- Comprehend the function and benefits of using a worksheet in the accounting cycle.