37 award 100 point 38 award 100 point 39 award 100

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37.
Award: 1.00 point
The work sheet is a required report made available to external decision makers.
38.
Award: 1.00 point
A work sheet contains all of the balances for each account and therefore may be used as a substitute for the set of
financial statements.
References
True / False Difficulty: 1 Easy Learning Objective: 04-P1 Prepare a work sheet
and explain its usefulness.
True
False
39.
Award: 1.00 point
References
True / False Difficulty: 1 Easy Learning Objective: 04-P1 Prepare a work sheet
and explain its usefulness.
All necessary amounts needed to prepare the income statement can be taken from the income statement columns
of the work sheet, including the net income or net loss.
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References
True / False Difficulty: 2 Medium Learning Objective: 04-P1 Prepare a work sheet
and explain its usefulness.

40.
Award: 1.00 point
On a work sheet, if the Debit total exceeds the Credit total of the Income Statement columns, a net loss is
indicated.
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41.
Award: 1.00 point
If all columns of a completed work sheet balance, you can be sure that no errors were made in its preparation.
References
True / False Difficulty: 2 Medium Learning Objective: 04-P1 Prepare a work sheet
and explain its usefulness.
References
Difficulty: 2 Medium Learning Objective: 04-P1 Prepare a work sheet
and explain its usefulness.
42.
Award: 1.00 point
Normally closing entries are first entered in the general journal and then posted to the work sheet.
References
True / False Difficulty: 2 Medium Learning Objective: 04-P1 Prepare a work sheet
and explain its usefulness.