Flashcards

QBO chapter 9 key terms

QUINLAN WILSON Accounting Information Systems Design & Analysis Accountant English 10 cards

Cards in this deck (10)

1Chart of AccountsThe Chart of accounts is a list of all accounts used to accumulate information about assets, liabilities, owner's 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. It lists each account and the account balance at the end of the accounting period.
4AdjustmentsAt the end of the accounting period before preparing financial statements, make and adjustments necessary to bring the accounts up to date.
5Adjusted Trial BalancePrepare and adjusted trial balance (a trial balance after adjustments) to verify that the accounting system still balances.
6Financial StatementsPrepare financial statements for external users (profit and loss, balance sheet, and statement of cash flows). Prepare income tax summary reports and management reports.
7Prepaid ItemsItems that are prepaid, such as prepaid insurance or prepaid rent.
8Unearned ItemsItems that a customer has paid us for, but we have not provided the product or service.
9Accrued ExpensesExpenses that are incurred but not yet paid or recorded.
10Accrued RevenuesRevenues that have been earned but not yet collected or recorded.