Question

Here is how legal and professional fees appear on your profit and loss: your company is sending this report to investors and does not want them to see the detail. How would you customize this record to only show the total for legal and professional fees?

a) Edit the chart of accounts to hide the detail of legal and professional fees.
b) Customize the profit and loss report to suppress the account details.
c) Create a separate summary account for legal and professional fees.
d) Delete the individual transactions in the legal and professional fees category.

Answer 1

To only show the total for legal and professional fees on the profit and loss report, you should customize the report by suppressing the account details.

Step-by-step explanation:

To customize the profit and loss report to only show the total for legal and professional fees, you would choose option b) Customizing the profit and loss report to suppress the account details. By customizing the report, you can hide the individual transactions and only display the total amount for legal and professional fees. This allows you to present a summary view of the expenses to investors without showing the specific details.