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Question 6/12 Cynthia needs to share a financial snapshot of her company, including its current worth. Which QuickBooks report would be most useful? General ledger Profit and loss Balance sheet

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Solution By Steps

Step 1: Understand the Requirement

Cynthia needs to share a financial snapshot of her company, including its current worth.

Step 2: Identify the Purpose of Each Report

General Ledger: A detailed record of all financial transactions.

Profit and Loss Report: Shows the company’s revenues, costs, and expenses over a specific period, indicating profitability.

Balance Sheet: Provides a snapshot of the company’s assets, liabilities, and equity at a specific point in time, indicating the company’s worth.

Step 3: Determine the Most Suitable Report

To share a financial snapshot including the company’s current worth, the Balance Sheet is the most suitable report as it provides a comprehensive view of the company’s financial position at a specific point in time.

Final Answer

Balance Sheet

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