1-Suggest one (1) consequence of improperly classifying an account type (e.g., if an expense is classified as an asset or an asset is classified as an expense). Describe the effect on at least two (2) of the four (4) major financial statements: Profit & Loss (Income) Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows.

2-QuickBooks provides many tools for managing and securing your QuickBooks system (e.g., the QuickBooks Audit Report, and the QuickBooks Accountant Copy). Evaluate the effectiveness of these and other tools that are used to manage and secure QuickBooks.