Question Details

The adjustments on a worksheet can be posted directly



	1.	A worksheet is a mandatory form that must be prepared along with an income statement and statement of financial position.


	2.	If a worksheet is used, financial statements can be prepared before adjusting entries are journalized.



	3.	If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.


	4.	It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet.


	5.	The adjustments on a worksheet can be posted directly to the accounts in the ledger from the worksheet.




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