Fichas
Chapter 9 QuickBooks Key Terms
Fichas del conjunto (14)
- 1Chart of AccountsList 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 BalanceAlso referred to as an Adjusted Trial Balance, because it is prepared before adjustments. 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 any adjustments necessary to bring the accounts up to date. Adjustments are entered in the Journal using debits and credits.
- 5Adjusted Trial BalancePrepare an 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.
- 7Adjusting EntriesRecord adjustments necessary to bring the accounts up to date at the end of an accounting period. Are dated the last day of the accounting period.
- 8Scheduled Recurring TransactionsScheduled for QBO to automatically enter the transaction on a date specified.
- 9Unscheduled Recurring TransactionsWill appear in the Recurring Transactions List but QBO will not automatically enter the transaction.
- 10Reminder Recurring TransactionsWill alert us with a reminder when we should use a recurring transaction to enter a new transaction.
- 11Prepaid ItemsItems that are prepaid, such as prepaid insurance or prepaid rent.
- 12Unearned ItemsItems that a customer has paid us for, but we have not provided the product or service.
- 13Accrued ExpensesExpenses that are incurred, but not yet paid or recorded.
- 14Accrued RevenuesRevenues that have been earned, but not yet collected or recorded.
Información
- Descripción
- Chapter 9 discusses adjustments that are required to bring accounts up to date and show the correct account balances on financial reports.
- Creado por
- Theresa Horstmann
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