Answer Happy

19. Which statement about the management report package generated in QBO is true? A. You can customize a predesigned management report package with your company logo. B. A limitation is that management reports can be emailed only to company file users. C. Management report packages are a great way to promote a business and win new customers. D. You can add and arrange the reports in any order and edited them as needed. 20. At the end of the year, where is all income and expense transferred? A. Fixed Assets B. Profit \& Loss C. Equity. D. Assets and Liabilities 21. Match each description to its term. Descriptions A. use to allocate a prepaid expense, for 1 Trialbalance B. also known as the profit and loss report 2. balance sheet C. all accounts in the Chart of Accounts, 4. adjusting entry with balances D. shows assets, liabilities and equity on a specific date 22. Your bank requests fiscal year-end financial statements. What report are they most likely interested in receiving? A. Accounts Payable Aging Detail and Budget vs. Actuals B. Inventory Valuation Detail and Accounts Receivable Aging Summary C. Balance Sheet and Profit and Loss Statement D. Collections Report and Unpaid Bills