Question

When you run Financial Statements in QuickBooks, what bookkeeping basis can you use to view the report?

1) Cash Basis
2) Accrual Basis
3) You can switch the bookkeeping basis if you want
4) All of the above

Answer 1

In QuickBooks, you can view Financial Statements using either the Cash Basis, Accrual Basis, or switch between them, so the correct answer is 'All of the above'.

Step-by-step explanation:

When running Financial Statements in QuickBooks, you can view the report using different bookkeeping bases. The options available are:

Cash Basis

Accrual Basis

You can switch the bookkeeping basis if you want

Therefore, the correct answer to the question is 4) All of the above. QuickBooks allows users to generate financial reports either on a cash basis, which recognizes revenue and expenses only when money changes hands, or on an accrual basis, which recognizes revenue when earned and expenses when incurred, regardless of the actual cash transactions. Users have the flexibility to switch between these bases to suit their reporting needs.