Problem
You are getting familiar with QuickBooks Online to keep track of business financial transactions and preparing financial statements that provide an understanding of business operations. There are general rules to follow - referred to as accounting principles.
You may need to refer to your financial accounting course notes or online information research to discussion posting to answer all the questions below:
a) How do financial statements serve different purposes based for their users (owners, potential investors, lenders etc)
b) The matching principle and how it relates to revenue and expenses reporting on financial statements.
c) How financial statements are used for both internal and external purposes.