Flashcards

QBO chapter 10 key terms

QUINLAN WILSON Accounting Information Systems Design & Analysis Accountant English 12 cards

Cards in this deck (12)

1Cash BasisA sale is recorded when cash is collected from the customer. Expenses are recorded when cash is paid.
2Accrual 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.
3AssetsWhat a company owns.
4LiabilitiesWhat a company owes.
5Owners' EquityThe residual that is left after liabilities are satisfied.
6Cash Flows from Operating ActivitiesCash inflows and outflows related to the company's primary business, such as cash flows from sales and operating expenses.
7Cash Flows from Investing ActivitiesCash inflows and outflows related to acquisition and disposal of long term assets.
8Cash Flows from Financing ActivitiesCash inflows and outflows to and from investors and creditors (except interest payments). Examples include loan principal repayments and investments by owners.
9Open Purchase Order ListOpen purchase orders are purchase orders for items ordered but not yet received.
10Purchases by Vendor DetailThe purchases by vendor detail report lists all purchases, grouped by vendor.
11JournalThe journal report lists every transaction entered in our QBO Company in a debit and credit entry form.
12Audit LogThe audit log feature of QBO permits us to track all changes (additions, modifications, and deletions) made to out QBO records.