ACC 290 Week 3 DQ3
ACC 290 Week 3 DQ3
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This 0 page Study Guide was uploaded by kimwood Notetaker on Friday November 13, 2015. The Study Guide belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 16 views.
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Date Created: 11/13/15
Week 3 DQ3 What is the main purpose of a nancial statement worksheet and its bene ts How has automation aided the preparation accuracy and use of the nancial statement worksheet A worksheet is a beneficial extra that sometimes makes it easier to prepare adjusting entries and financial statements In larger corporations worksheets are helpful when making many adjustments and when using a computer spreadsheet columns can be set up for trail balance adjustments and adjusted balances there are also useful for the computation of net incomeloss on the worksheet Worksheets can be prepared manually in an excel spreadsheet or purchased with programmable software Worksheets can also be purchased as accounting software that has been preprogrammed with the specific accounts that the organization uses When accounting software is used the software allows for the entry of the transactions and automatically prepares the financial statements Worksheets assure that the data is complete accurate and balance If worksheets templates are used this basically eliminates errors therefore leading to more accountability through accuracy Worksheets also help organizations stay in compliance with the GAAP guidelines References Kimmel P D Weygandt J J amp Kieso D E 2011 Financial accounting Tools for business decision making 6th ed Hoboken NJ John Wiley amp Sons
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