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Question 11 / 12 Austin needs a summary of all general ledger accounts classified as fixed assets. Which QuickBooks report would be most useful? Profit and loss Balance sheet Expenses by vendor summary Income by customer summary

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Melvin

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Solution By Steps

Step 1: Identify the Requirement

Austin needs a summary of all general ledger accounts classified as fixed assets.

Step 2: Understand the Report Options

Profit and loss: Shows income and expenses over a period.

Balance sheet: Shows assets, liabilities, and equity at a specific point in time.

Expenses by vendor summary: Summarizes expenses categorized by vendors.

Income by customer summary: Summarizes income categorized by customers.

Step 3: Match Requirement with Report

Fixed assets are part of the assets section on the balance sheet. Therefore, the balance sheet report will provide a summary of all general ledger accounts classified as fixed assets.

Final Answer

Balance sheet

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