Flashcards
Chapter 1 Concepts
Flashcards do conjunto (12)
- 1QBO SatNavDivides QBO into three main processes.
- 2Company Settingsinvolve setting up a new QBO company and selecting company preferences, such as displaying account numbers.
- 3QBO Chart of Accountslist of all the accounts for a company. These accounts can be used to sort and track accounting information, and automatically creates a Chart of Accounts when we set up a new QBO company.
- 4QBO Settingsinclude Company Settings and QBO chart of Accounts.
- 5QBO Transactionsinvolves recording transactions as input into the financial system. Can be categorized as Banking, Customers & Sales, Vendors & Expenses, and Employees & Payroll. Basically involves recording money in and money out of a company.
- 6QBO Reportsthe output of the system. Typically provide information to decision makers.
- 7Financial Statementsstandardized financial reports that summarize information about past transactions.
- 8Balance Sheetsummarizes what a company owns and owes on a particular date.
- 9Profit and Loss Statement (Income Statement)summarizes what a company has earned and the expenses incurred to earn the income.
- 10Statement of Cash Flowssummarizes the cash inflows and cash outflows for operating, investing, and financing activities of a business.
- 11Tax Returnsfor federal and state tax agencies.
- 12Management Reportsfor company managers and owners to use when making business decisions.
Informações
- Descrição
- Key Concepts from BUS342 at Peru State College.
- Criado por
- Tayler Shellhase
- Visualizações
- 52
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