Setting Up a New Company in QuickBooks - discussion

Setting Up a New Company in QuickBooks

Suggest one (1) consequence of improperly classifying an account type (e.g., if an expense is classified as an asset or an asset is classified as an expense.)  Describe the effect of at least two (2) of the four (4) major financial statements:  Profit & Loss (Income) Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows.

this is a discussion only need a couple of paragraphs

Cheryl