Flashcards
Chapter 10 QuickBooks Key Terms
Flashcards do conjunto (27)
- 1Business OverviewReports include financial statements such as Profit and Loss reports, Balance Sheet reports, and Statement of Cash Flows.
- 2Who Owes YouReports are used to track amounts that customers owe your business, including Accounts Receivable Aging reports, Collection reports, and Open Invoices.
- 3Sales and CustomersReports 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.
- 4What You OweReports used to track amounts that your business owes others including Accounts Payable reports, Unpaid Bills reports, and Vendor Balance reports.
- 5Expenses and VendorsReports provide detailed information about vendors and expenses transactions including Check Detail report, Expenses by Vendor report, Open Purchase Order Lists, and Vendor Lists.
- 6Sales TaxReport includes reports about Sales Tax Liabilities and Taxable Sales.
- 7EmployeesReports include the Employees List and Time Activities reports.
- 8For My AccountantReports include the Account List (Chart of Accounts), General Ledger, Journal, and Trial Balance.
- 9PayrollReports are the same reports as the Employees reports.
- 10Cash BasisA sale is recorded when cash is collected from the customer. Expenses are recorded when cash is paid.
- 11Accrual BasisSales 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.
- 12AssetsWhat 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.
- 13LiabilitiesWhat a company owes. Are obligations that include amounts owed by vendors (accounts payable) and bank loans (notes payable).
- 14Owners' EquityThe 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.
- 15Cash Flows from Operating ActivitiesCash inflows and outflows related to the company's primary business such as cash flows from sales and operating expenses.
- 16Cash Flows from Investing ActivitiesCash inflows and outflows related to acquisition and disposal of long-term assets.
- 17Cash Flows from Financing ActivitiesCash inflows and outflows to and from investors and creditors (except for interest payments). I.e. loan principal repayments and investments by owners.
- 18Physical Inventory WorksheetUsed when taking a physical count of inventory.
- 19Open Purchase OrdersPurchase Orders for items ordered but not yet received.
- 20Audit LogPermits us to track all changes made to our QBO records. (Additions, Modifications, and Deletions)
- 21TagsElectronic labels. Can be customized to fit your business needs and track how you make and spend money
- 22Financial StatementsReports used by investors, owners, and creditors to make decisions.
- 23Profit and LossLists income and expenses, summarizing the income a company has earned and the expenses incurred to earn the income.
- 24Balance SheetLists assets, liabilities, and owners' equity, summarizing what a company owns and owes on a particular date.
- 25Statement of Cash FlowsLists cash flows from operating, investing, and financing activities of a business.
- 26Tax FormsProvides information to federal and state tax authorities.
- 27Management ReportsUsed by internal users (management) to make decisions regarding company operations.
Informações
- Descrição
- Chapter 10 discusses QBO reports and reporting processes such as financial statements, management reports, sales and customer reports, and for my accountant reports.
- Criado por
- Theresa Horstmann · out 2022
- Atualizado
- 8 nov 2023
- Visualizações
- 64
- Tags
- Avaliação