Worksheet MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on July 22, 2022

Complete this quiz on worksheets to test your knowledge and prepare for your exams and interviews. The test contains 10 multiple choice questions (MCQs).

In this test, each MCQ has 4 answers, and you need to choose the correct response. If you find some questions difficult, you can learn what’s required on the worksheet page.

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Frequently Asked Questions

What is a Worksheet in accounting?

A Worksheet is a document used to calculate and track a company’s financial performance. The worksheet contains formulas that calculate the company’s income, expenses, and profits. The worksheet also follows the company’s assets, liabilities, and shareholders’ equity.

What are the limitations of using a Worksheet in accounting?

There are several benefits of using a worksheet in accounting, some of them are, it enables you to identify trends and make informed decisions about the company’s future, can help you identify areas where the company is performing well and areas where the company could improve, and these reports can help you communicate the company’s financial performance to stakeholders such as shareholders, creditors, and management.

What are the limitations of using a Worksheet in accounting?

What are the limitations of using a Worksheet in accounting?

Why are Worksheets important?

The use of Worksheets helps to prevent errors from entering the permanent records of accounting. In addition, if there are such errors, they can be easily corrected.

What are the types of Worksheets?

There are three types of Worksheet: the general worksheet, the detailed worksheet, and the audit worksheet.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.