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QuickBooks financial statements are okay for internal reporting purposes, but they do not meet GAAP...

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Accounting

QuickBooks financial statements are okay for internal reporting purposes, but they do not meet GAAP standards in many, many ways. If you have taken Accounting 1 or Accounting Fundamentals, you should have access in your textbook to "real" financial statements. If you have not taken a formal class, research what GAAP compliant financial statements look like. You do not have to look at Statement of Cash Flows - just the Balance Sheet, Income Statement and Statement of Shareholder's Equity.

Compare QB statements to GAAP prepared statements and list at least one difference.

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