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37 award 100 point 38 award 100 point 39 award 100

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37.Award:1.00 pointThe work sheet is a required report made available to external decision makers.
38.Award:1.00 pointA work sheet contains all of the balances for each account and therefore may be used as a substitute for the set offinancial statements.ReferencesTrue / FalseDifficulty: 1 EasyLearning Objective: 04-P1 Prepare a work sheetand explain its usefulness.TrueFalse
39.Award:1.00 pointReferencesTrue / FalseDifficulty: 1 EasyLearning Objective: 04-P1 Prepare a work sheetand explain its usefulness.All necessary amounts needed to prepare the income statement can be taken from the income statement columnsof the work sheet, including the net income or net loss.
ReferencesTrue / FalseDifficulty: 2 MediumLearning Objective: 04-P1 Prepare a work sheetand explain its usefulness.
40.Award:1.00 pointOn a work sheet, if the Debit total exceeds the Credit total of the Income Statement columns, a net loss isindicated.
41.Award:1.00 pointIf all columns of a completed work sheet balance, you can be sure that no errors were made in its preparation.ReferencesTrue / FalseDifficulty: 2 MediumLearning Objective: 04-P1 Prepare a work sheetand explain its usefulness.ReferencesDifficulty: 2 MediumLearning Objective: 04-P1 Prepare a work sheetand explain its usefulness.
42.Award:1.00 pointNormally closing entries are first entered in the general journal and then posted to the work sheet.
ReferencesTrue / FalseDifficulty: 2 MediumLearning Objective: 04-P1 Prepare a work sheetand explain its usefulness.
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Punke
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