MANAGEMENT

Detailed explanation-1: -*A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is called a work sheet.

Detailed explanation-2: -A WORKSHEET is-a columnar accounting form used to summarize the general ledger information needed to prepare financial statements. A TRIAL BALANCE is used to-prove the equality of debits and credits from the general ledgers.

Detailed explanation-3: -Hence, the balance sheet columns of the worksheet provide the information to prepare the statement of financial position.

Detailed explanation-4: -The accounting ledger is used to generate the key financial statements: the income statement, cash flow statement, and balance sheet for the company. “Posting” to an accounting ledger is the bookkeeping process of recording credits and debits.