1. Financial statements include:

a) Balance Sheet, Profit and Loss Statement, and Notes to the Financial Statements

b) Balance Sheet, Profit and Loss Statement, and the Statement of Cash Flows

c) Tax Return, Balance Sheet, Profit and Loss Statement, and the Statement of Cash Flows

d) Tax Return, Statement of Cash Flows, and Balance sheet

2. The _______ summarizes the income a company has earned and the expenses incurred to earn the income.

a) Trial Balance

b) Profit and Loss

c) Statement Statement of Cash Flows

d) Balance Sheet

3. How does QuickBooks Online assist in achieving the primary objective of accounting?

a) QuickBooks Online assists in ensuring the correct tax form is used.

b) QuickBooks Online assists by feeding information directly into the specific areas of the return.

c) QuickBooks Online assists in tracking information to communicate only to external users.

d) QuickBooks Online is used to capture, track, sort, summarize, and communicate financial information.

Answer rating: 100% (QA)

ANSWER 1 a Balance Sheet Profit and Loss Statement and Notes to the Financial Statements A balance sheet provides both investors and creditors with a ... View the full answer