The end-of-period spreadsheet

A) is an integral part of the accounting cycle
B) eliminates the need to rewrite the financial statements
C) is a working paper that is required
D) is used to summarize account balances and adjustments for the financial statements

Accounting Cycle

The process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation on the financial statements, followed by closing the accounts.

Financial Statements

Financial statements are formal records that outline the financial activities and position of a business, person, or entity. These include income statements, balance sheets, and statements of cash flows.

Working Paper

A document that records the evidence, processes, and reasoning behind an accountant's audit or financial analysis.