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QBO Chapter 10 key terms
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- 1Business Overviewreports include financial statements, such as Profit and Loss reports, Balance Sheet reports, and Statement of Cash Flows
- 2Who Owes Youreports are used to track amounts that customers owe your business, including Accounts Receivable Aging reports, Collection reports, and Open Invoices
- 3Sales and Customersreports provide detailed information about customers and sales transactions, including Customers List, Products and Services List, Deposit Detail, Income by Customer, Sales by Customer, and Sales by Product/Service
- 4What You Owereports are used to track amounts that your business owes others, including Accounts Payable reports, Unpaid Bills reports, and Vendor Balance reports
- 5Expenses and Vendorsreports provide detailed information about vendors and expenses transactions, including Check Detail report, Expenses by Vendor report, Open Purchase Order Lists, and Vendors List
- 6Sales Taxreports include reports about Sales Tax Liabilities and Taxable Sales
- 7Employeesreports include the Employees List and Time Activities reports
- 8For My Accountantreports include the Account List (Chart of Accounts), General Ledger, Journal, and Trial Balance
- 9Payrollreports are the same reports as the Employees reports, including the Employees List and Time Activities reports
- 10Financial statementstandardized financial reports given to external users, such as bankers and investors. The three main financial statements are the Profit and Loss, Balance Sheet, and Statement of Cash Flows.
- 11Profit and Loss Statementlists sales (sometimes called revenues) and expenses for a specified accounting period. Profit, or net income, can be measured two different ways:
• Cash basis. A sale is recorded when cash is collected from the customer. Expenses are recorded when cash is paid.
• Accrual basis. Sales 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. - 12Management reportsprepared as needed to provide management with information for making operating and business decisions.
- 13TagsElectronic labels
- 14Tax formsobjective of the tax form is to provide information to federal and state tax authorities
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- QBO Accounting Information Systems Chapter 10 key terms
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- Stephanie Poole
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