QuickBooks Chapter 7 - Reports &
Graphs; Questions with Complete Solutions
The order of the steps in the accounting cycle includes: Trial balance,
adjusting entries,
adjusted trial balance, financial reports
What is an asset? What a company owns
To record adjusting journal entries in Quic...
Income tax reports includes ✔✔Income tax preparation, detail, and summary
reports
Sales are recorded under cash basic accounting when: ✔✔Cash is collected from
customers
Income statement lists ✔✔Income and Expenses
Which one of the following classifications is found on Statement of Cash Flows?
✔✔Cash flows
from financing activities
What is Owner's equity? ✔✔What remains after liabilities are satisfied
To print General Ledger: ✔✔Select Report Center > Accountant & Taxes, General
Ledger
The Profit & Loss Statement lists ✔✔Income and Expenses
What info does a Balance sheet provide? ✔✔A company's financial position on a
specific date
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