Flashcards
QBO Chapter 10
Cards in this deck (14)
- 1Chart of accountsa list 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 balanceprepared 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.
- 5Adjusted trial balanceverify that the accounting system still balances after adjusting entries
- 6Financial reportsprepare financial statements for external users and internal users and prepare management reports.
- 7Business Overviewincludes financial statements, such as profit and loss reports, balance sheet reports, and statement of cash flows
- 8Who Owes Youused to track amounts that customers owe your business, including accounts receivable aging reports, collections report, and open invoices.
- 9Sales and customersreports provide detailed information about customers and sales transactions including customers list, products and services list, deposit detail, income by customer, sales by customer, and sales by product/service
- 10What you oweused to track amounts that your business owes others, including accounts payable reports, unpaid bills report, and vendor balance reports.
- 11Expense and vendorsprovide detailed information about vendors and expenses transactions, including check detail report, expenses by vendor report, open purchase order lists, and vendors list.
- 12Sales Taxincludes reports about sales tax liabilities and taxable sales.
- 13employeesincludes the employees list and time activities reports.
- 14For my accountincludes the account list, general ledger, journal, and trial balance.
Information
- Description
- Flashcards on QBO Chapter 10 , created by MORGAN RUNYAN on 02/12/2024.
- Created by
- MORGAN RUNYAN
- Views
- 3
- Rating