What is a columnar accounting form used to summarize general ledger information needed for preparing financial statements called?

A columnar accounting form that summarizes general ledger information and is specifically designed for preparing financial statements is known as a work sheet. This tool allows accountants and financial professionals to organize various accounts and figures in a structured format, making it easier to identify adjustments and the necessary calculations required to prepare the final financial statements.

The work sheet typically consists of multiple columns that represent the adjusted trial balance, adjustments, and ultimately lead to the preparation of the income statement and balance sheet. This organization helps ensure that all information is accurately populated and assists in reviewing the financial data before the final statements are produced.

In contrast, the general ledger represents the complete set of accounts used by a business, but does not summarize or organize the information specifically for financial statement preparation. The balance sheet and income statement, while essential financial documents, are the end products that result from the summarization and organization of information primarily facilitated by the work sheet.