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I need help with QuickBooks premier desktop 2020 multiple choice, thanks in advance 1. You...

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Accounting

I need help with QuickBooks premier desktop 2020 multiple choice, thanks in advance

1. You are applying for a business loan. The two reports that your loan officer is most likely to require are:

a. Transaction Detail Report and Accrual Basis Report '

b. Income Statement (Profit and Loss Statement) and Transaction Detail Report

c. Income Statement (Profit and Loss Statement) and Balance Sheet Report

d. Transaction Detail Report and Cash Basis Report

2. In QuickBooks, Units of Measure is used to define:

a. Whether QuickBooks will use Imperial or Metric measurements

b. Whether items will be purchased and sold in different currencies

c. The number of units that will typically be included on an invoice

d. Whether items are typically bought in different measurement units than they are and sold in 3. Why does QuickBooks recommend that you print out each reconciliation report?

a. It is faster to find a hard-copy report than to generate an electronic report

b. It is required by the CRA (Canada Revenue Agency)

c. It is easier to match transactions to the bank statement

d. To provide a permanent record. QuickBooks Pro overwrites the previous reconciliation report with data from the latest reconciliation

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