Chapter 10 QuickBooks Key Terms

Question	Answer
Business Overview	Reports include financial statements such as Profit and Loss reports, Balance Sheet reports, and Statement of Cash Flows.
Who Owes You	Reports are used to track amounts that customers owe your business, including Accounts Receivable Aging reports, Collection reports, and Open Invoices.
Sales and Customers	Reports provide detailed information about customers and sales transactions including Customer List, Products and Services List, Deposit Detail, Income by Customer, Sales by Customer, and Sales by Product/Service.
What You Owe	Reports used to track amounts that your business owes others including Accounts Payable reports, Unpaid Bills reports, and Vendor Balance reports.
Expenses and Vendors	Reports provide detailed information about vendors and expenses transactions including Check Detail report, Expenses by Vendor report, Open Purchase Order Lists, and Vendor Lists.
Sales Tax	Report includes reports about Sales Tax Liabilities and Taxable Sales.
Employees	Reports include the Employees List and Time Activities reports.
For My Accountant	Reports include the Account List (Chart of Accounts), General Ledger, Journal, and Trial Balance.
Payroll	Reports are the same reports as the Employees reports.
Cash Basis	A sale is recorded when cash is collected from the customer. Expenses are recorded when cash is paid.
Accrual Basis	Sales 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.
Assets	What a company owns. On the Balance Sheet, Assets are recorded at their historical cost, the amount we paid for the asset when we purchased it.
Liabilities	What a company owes. Are obligations that include amounts owed by vendors (accounts payable) and bank loans (notes payable).
Owners' Equity	The residual that is left after liabilities are satisfied. Also called Net Worth, Owners' Equity is increased by owners' contributions and net income. Is decreased by owners' withdrawals (dividends) or net losses.
Cash Flows from Operating Activities	Cash inflows and outflows related to the company's primary business such as cash flows from sales and operating expenses.
Cash Flows from Investing Activities	Cash inflows and outflows related to acquisition and disposal of long-term assets.
Cash Flows from Financing Activities	Cash inflows and outflows to and from investors and creditors (except for interest payments). I.e. loan principal repayments and investments by owners.
Physical Inventory Worksheet	Used when taking a physical count of inventory.
Open Purchase Orders	Purchase Orders for items ordered but not yet received.
Audit Log	Permits us to track all changes made to our QBO records. (Additions, Modifications, and Deletions)
Tags	Electronic labels. Can be customized to fit your business needs and track how you make and spend money
Financial Statements	Reports used by investors, owners, and creditors to make decisions.
Profit and Loss	Lists income and expenses, summarizing the income a company has earned and the expenses incurred to earn the income.
Balance Sheet	Lists assets, liabilities, and owners' equity, summarizing what a company owns and owes on a particular date.
Statement of Cash Flows	Lists cash flows from operating, investing, and financing activities of a business.
Tax Forms	Provides information to federal and state tax authorities.
Management Reports	Used by internal users (management) to make decisions regarding company operations.

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Chapter 10 QuickBooks Key Terms

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	Created by Theresa Horstmann over 1 year ago