How does an account in QBO relate to the financial statements? In QBO each account is assigned
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How does an account in QBO relate to the financial statements? In QBO each account is assigned an account type and detail type. This helps to determine if this is an asset, liability, equity, income or expense account and where on the financial statements the account should be included.
Account Types and the Financial Reports – For each financial accounting classification below identify the QBO Account Types:
Asset | Liability | Equity | Revenue | Expense |
QBO Account Type | ||||
1. 2. 3 4. 5. | 1. 2. 3. 4. | 1. | 1. 2. | 1. 2. 3. |
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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