Setting Up a New Company in QuickBooks

Setting Up a New Company in QuickBooks

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





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Consequences of improper classifying an account are the results that come up when an account is not correctly entered. The information in an account can be good if the information entered in the account is correct. Improper classification of an account type can result to simple mistakes. This mistake occurs when an item is incorrectly entered into the wrong account. Supposed you entered a payment to an engineer…


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