Question: 1: The purpose of a financial statement worksheet is to document all transactions at your business including assets, expenses, and dividends for debits and liabilities, owners equity, and revenues for credits. Having a financial statement worksheet will help you to see the changes in your business and to see where your business could use improvement.

2: In your opinion, what is the main purpose and benefits of a financial statement worksheet?

How has automation aided the preparation, accuracy, and use of the financial statement worksheet?

3: Careful recordkeeping is critical to all businesses, large and small. Why does matching these revenues and expenses within the same year matter so much?

4: A balance with your general ledger is critical to book keeping because if you have an unbalance then you will need to go back and fix what you had messed up with and that can take some time. It is important to keep up with your assets, expenses, and dividends as you move along the accounting cycle.