It will do, if you do it using the stranded method, where you carry the wool behind the knitting when you are using the other colour.
The other option is to have a ball or bobbin of yarn for each square, and to twist the yarn from square one round the yarn for square two, when you move from square one to square two (to avoid holes in the work) - it's called intarsia, and there are explanations and tutorials available online - Conquer intarsia knitting, Intarsia tutorial on youtube.
Yes, SDT is right, although intarsia would be extremely tedious for a checkerboard, having to have loads of small bundles of yarn for each differently-coloured section.
For a checkerboard effect, assuming your squares will be, say, 5 or so stitches wide, I would go with stranded knitting. You will need to watch your floats to make sure they're not too tight, video here for details.
Another option is double knitting. This would give you the reverse image on the back of the work, i.e. two checkerboards, one the negative image of the other. Tutorial here. I think you might find this pretty slow going, though.