Flashcards
QBO Chapter 9
Cards in this deck (15)
- 1accounting periodcan be one month, one quarter or one year
- 2chart of accountslist of accounts used by company
- 3transactionsall items recorded during accounting period for items from customers, vendors, employees and owners
- 4trial balanceall accounts with balances at end of accounting period
- 5adjustementsdone at end of accounting period before financial statements are prepared
- 6adjusted trial balanceprepared after adjusts to check is accounts balance
- 7financial statementsprepared for external users
- 8prepaid itemsitems that are prepaid
- 9unearned itemsitems customers paid for but company has not provided product or service
- 10accrued expensesexpenses accrued but not paid
- 11accrued revenuesincome accrued but not collected or received
- 12accrual basis of accountingattempts to match expenses with the revenue it generated
- 13profit & lossincome and expenses
- 14balance sheetassets and liabilities
- 15—
Information
- Description
- Flashcards on QBO Chapter 9, created by Murranda Lindgren on 13/11/2023.
- Created by
- Murranda Lindgren
- Views
- 2
- Rating