The Reports and Financial Statements Prepared by Accountants

question 35

Multiple Choice

The reports and financial statements prepared by accountants:

• A)Are more useful for profit-seeking businesses than they are for not-for-profit organizations.
• B)Are mainly used to help the firm complete its tax forms.
• C)Provide information that can be used by decision-makers both inside and outside the organization.
• D)Are not as useful now that firms have moved into a more global environment.

---

Definitions:

Business Transaction

Any activity that involves the exchange of goods, services, or funds between two or more parties.

QuickBooks Company

A specific business entity set up within QuickBooks accounting software to manage its financial transactions and records.

Onscreen Journal

A digital ledger displayed on a screen, used to record financial transactions in accounting software.

Onscreen Forms

Digital forms displayed on a screen, allowing users to enter and submit information electronically.