Asked by bella moore on May 23, 2024
Verified
QBO Reports is a process included in QBO SatNav.Which of the following best describes the essence of QBO Reports?
A) QBO Reports provides information to a variety of decision makers and is the output of the accounting system.The Reports includes but are not limited to the following: Financial statements,Tax Returns,and Management reports.
B) QBO Reports mainly provide information to a company's managers and accountants and is limited to providing information regarding cash flows and ability to pay debts when due.
C) QBO Reports are the output of the system and provide information mainly to decision makers outside of the company.It is rather limited to the following types of reports generated: tax returns,and financial statements.
D) QBO Reports is still being developed by QBO and contains mainly financial statements with plans to expand its abilities in the future to tax returns and internal reporting.
QBO Reports
Customizable financial statements and data summaries generated within QuickBooks Online to help businesses understand their financial performance.
Accounting System
The methods, procedures, and software used by an organization to track financial transactions and produce financial statements.
Financial Statements
Financial statements are formal records of the financial activities and position of a business, individual, or other entity, providing an overview of a financial performance and condition.
- Understand the components and functionalities within QBO, including QBO Reports, Transactions, Settings, and the Chart of Accounts.
Verified Answer
TS
Taylor SharpMay 27, 2024
Final Answer :
A
Explanation :
QBO Reports provides information to a variety of decision makers and is the output of the accounting system. The Reports includes but is not limited to the following: Financial statements, Tax Returns, and Management reports.
Learning Objectives
- Understand the components and functionalities within QBO, including QBO Reports, Transactions, Settings, and the Chart of Accounts.