Question

What are the 2 main Financial Statements you can run from the "Company and Financial" category of reports?

1) Balance Sheet, Profit and Loss
2) Balance Sheet, Statement of Operations
3) Profit and Loss, Statement of Operations
4) Statement of Operations, Statement of Financial Position

Answer 1

The two main financial statements you can run from the 'Company and Financial' category of reports are the Balance Sheet and the Profit and Loss statement.

Step-by-step explanation:

The two main financial statements you can run from the 'Company and Financial' category of reports are the Balance Sheet and the Profit and Loss statement.

1. The Balance Sheet provides a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and shareholders' equity.
2. The Profit and Loss statement, also known as the income statement, shows a company's revenues, expenses, and net income or loss over a specific accounting period. It reflects the company's profitability.