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Computer Accounting with QuickBooks Online - Chapter 2 - Key Terms – QBO Chart of Accounts
Karten in diesem Stapel (19)
- 1Primary objective of accountingIs to provide information for decision making.
- 2Chart of AccountsIs a list of accounts and account numbers for a business.
- 3AccountsAre used to record transactions in our accounting system and permit us to sort, organize, summarize, and track information.
- 4SubaccountsAre useful in tracking additional details for accounts, breaking down accounts into types, and roll up into the total for the parent account.
- 5Account NameThe name column displays the name assigned to a specific account.
- 6RegisterDisplays more detailed information about accounts and displays all transactions for an account and a running balance.
- 7Balance SheetSummarizes what a company owns and owes on a particular date.
- 8Profit and Loss Statement (also referred to as P&L Statement or Income Statement)Summarizes the income a company has earned and the expenses incurred to earn the income.
- 9Statement of Cash FlowsSummarizes cash inflows and cash outflows for operating, investing, and financing activities of a business.
- 10AssetsAre resources that a company owns and are expected to have future benefit.
- 11LiabilitiesAre amounts a company owes to others and are obligations.
- 12External usersIncludes bankers, creditors, and investors.
- 13Internal usersInclude managers and employees of the business.
- 14QuickBooks BalanceIs the balance QBO shows in your accounts, and this is based on the transactions and information entered into QBO.
- 15Equity accounts (or stockholders’ equity for a corporation)Represent the net worth of a business and is calculated as assets minus liabilities.
- 16Income accountsAccounts which record sales to customers and other revenues earned by the company.
- 17Expense accountsAccounts which record costs that have expired or been consumed in the process of generating income.
- 18Permanent accountsBalance sheet accounts with balances which are carried forward from year to year.
- 19Temporary accountsProfit and loss accounts which are used to trach account data for a temporary period of time, usually one year.
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- Computer Accounting with QuickBooks Online - Chapter 2 - Key Terms – QBO Chart of Accounts
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- Susan Esch
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