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A work sheet is an internal aid which is helpful in preparing financial (statements/reports). It reduces risk of _ (errors/effects) when working with many accounts and adjustments. g

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The work sheet reduces risk of errors when working with many accounts and adjustments.

What is a work sheet?

A work sheet means an internal document used by companies to help with adjusting, closing accounts and preparation of financial statements

Some benefit of work sheet in preparation of financial statement includes:

  • its reduces the possibility of errors when working with many accounts and adjustments
  • its links accounts and adjustments to their impact on financial statements
  • its helps in preparing interim financial statement
  • its shows the effects of proposed or "what-if" transactions.

In conclusion, the work sheet reduces risk of errors when working with many accounts and adjustments.

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