Answer:
True
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. Thus, a financial statement includes balance sheet, statement of retained earnings and income statement.
A worksheet comprises of a multiple-column form that is used by accountants or auditors for an adjustment process and the preparation of a financial statement. A worksheet contains the following columns; trial balance, adjusted trial balance, adjustments, balance sheet and income statement.
After a worksheet or spreadsheet document has been completed, a financial expert such as an accountant inputs into the statement columns all the data that are required for the preparation of financial statements.
