Asked by Donald Winters on May 18, 2024
Verified
The end-of-period spreadsheet is a tool that accountants can use to summarize adjusting entries and the account balances for the financial statements.
End-of-period Spreadsheet
A tool used for adjusting and closing entries and for preparing financial statements at the end of an accounting period.
Adjusting Entries
Entries made in accounting to update the records for any incomes and expenses that have been incurred but not yet recorded.
- Outline the duties of an end-of-period spreadsheet during the accounting process.
Verified Answer
RP
Rahul PatelMay 18, 2024
Final Answer :
True
Explanation :
The end-of-period spreadsheet is a tool commonly used by accountants to summarize adjusting entries and the account balances for the financial statements. It is an essential tool to ensure that the financial statements reflect accurate and reliable information for users.
Learning Objectives
- Outline the duties of an end-of-period spreadsheet during the accounting process.
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