Business Finance

Question Description

What is the main purpose and benefits of a financial statement worksheet? What order should you prepare the 4 financial statements?

Final Answer

Order of preparation:

1.income statement

2.statement of retained earnings

3.balance sheet

4.statement of cash flows.

The main purpose of a financial statement worksheet is to display in a table or chart, such as a spreadsheet, an easy reference for a company's finances.  This can help reduce accounting errors and mathematical errors when finalizing accounts.  Financial statements allow someone to get an overview of the company's finances, all in one neat and orderly place.

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