37942830
Description
Flashcards by Theresa Horstmann, updated 6 months ago
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Created by Theresa Horstmann
over 1 year ago
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| Question | Answer |
| Chart of Accounts | List of all accounts used to accumulate information about assets, liabilities, owners' equity, revenues, and expenses. |
| Transactions | During the accounting period, record transactions with customers, vendors, employees, and owners. |
| Trial Balance | Also 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. |
| Adjustments | At 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. |
| Adjusted Trial Balance | Prepare an Adjusted Trial Balance (a Trial Balance after adjustments) to verify that the accounting system still balances. |
| Financial Statements | Prepare financial statements for external users (Profit and Loss, Balance Sheet, and Statement of Cash Flows). Prepare income tax summary reports and management reports. |
| Adjusting Entries | Record 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. |
| Scheduled Recurring Transactions | Scheduled for QBO to automatically enter the transaction on a date specified. |
| Unscheduled Recurring Transactions | Will appear in the Recurring Transactions List but QBO will not automatically enter the transaction. |
| Reminder Recurring Transactions | Will alert us with a reminder when we should use a recurring transaction to enter a new transaction. |
| Prepaid Items | Items that are prepaid, such as prepaid insurance or prepaid rent. |
| Unearned Items | Items that a customer has paid us for, but we have not provided the product or service. |
| Accrued Expenses | Expenses that are incurred, but not yet paid or recorded. |
| Accrued Revenues | Revenues that have been earned, but not yet collected or recorded. |
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