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QBO Chapter 10 Important Terms
Karten in diesem Stapel (20)
- 1Chart of AccountsA list of all accounts used to accumulate information about assets, liabilities, owners' equity, revenues, and expenses.
- 2TransactionsDuring the accounting period, record transactions with customers, vendors, employees, and owners.
- 3Trial BalanceA Trial balance is also referred to as an unadjusted Trial Balance because it is prepared before adjustments. A Trial Balance lists each account and the account balance at the end of the accounting period.
- 4AdjustmentsAdjustments are at the end of the accounting period before preparing financial statements, make any adjustments necessary to bring the accounts up to date.
- 5Adjusted Trial BalancePrepared after adjustments to verify that the accounting system still balances. If additional account detail is required, print the general ledger.
- 6Financial ReportsPrepare financial statements for external and internal users.
- 7Cash BasisA sale is recorded when cash is collected from the customer. Expenses are recorded when cash is paid.
- 8Accrual BasisSales are recorded when the good or service is provided regardless of when the cash is collected from the customer. Expenses are recorded when the cost is incurred or expires, even if the expense has not been paid.
- 9AssetsWhat a company owns. On the Balance Sheet, assets are recorded at their historical cost, the amount we paid for the asset when we purchased it.
- 10LiabilbitiesWhat a company owes. Liabilities are obligations that include amounts owed to vendors.
- 11Owner's EquityThe residual that is left after liabilities are satisfied. Also called net worth, owners' equity is increased by owners' contributions and net income. Owners' equity is decreased by owners' withdrawals and net losses.
- 12Cash Flows from Operating ActivitiesCash inflows and outflows related to the company's primary business, such as cash flows from sales and operating expenses.
- 13Cash Flows from Investing ActivitiesCas inflows and outflows related to acquisition and disposal of long-term assets.
- 14Cash Flows from Financing ActivitiesCash inflows and outflows to and from investors and creditors.
- 15Management ReportsPrepared as needed to provide management with information for making operating and business decisions.
- 16Who Owes You ReportsExamples of this category of reports include Accounts Receivable Aging and Open Invoices.
- 17Sales and Customers ReportsIncludes Income by Customer and Sales by Product/Service reports
- 18What you Owe ReportsAccounts Payable Aging and Unpaid Bills
- 19Expenses and Vendors ReportsOpen Purchase Orders and Purchases by Product/Service.
- 20For My Account ReportsTrial Balance, Journal, and General Ledger reports. Although the Audit log appears in the QBO Business Overview report category, typically, it could be considered a report used by an accountant.
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- Business/Economics Karteikarten am QBO Chapter 10 Important Terms, erstellt von Joel Johnson am 26/11/2022.
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