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Question

Austin needs a summary of all general ledger accounts classified as fixed asserts. Which QuickBooks report would be most useful?

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Russell

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Solution By Steps

Step 1: Identify Fixed Assets

Fixed assets are long-term tangible assets that are used in the production of income and are not intended for sale. Examples include buildings, machinery, vehicles, and equipment.

Step 2: Locate General Ledger Accounts

In QuickBooks, general ledger accounts related to fixed assets are typically categorized under the “Fixed Assets” account type.

Step 3: Generate a Report

To obtain a summary of all general ledger accounts classified as fixed assets in QuickBooks, the most useful report would be the “Fixed Asset Listing” report.

Final Answer

The “Fixed Asset Listing” report in QuickBooks would be the most useful for obtaining a summary of all general ledger accounts classified as fixed assets. This report provides a comprehensive overview of fixed asset accounts, aiding in tracking and managing these long-term assets effectively.

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