38076648
Description
Flashcards by Stephanie Spearman, updated more than 1 year ago
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Created by Stephanie Spearman
about 2 years ago
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| Question | Answer |
| accounting cycle | series of accounting activities that a business performs each accounting period |
| chart of accounts | list of all accounts used to accumulate information about assets, liabilities, owners' equity, revenues and expenses |
| transactions | record transactions with customers, vendors, employees and owners |
| trial balance | also referred to as an unadjusted trail balance because it is prepared before adjustments |
| adjustments | at the end of the accounting period before preparing financial statements, make any adjustments necessary to bring the accounts up to date |
| adjusted trial balance | verifies the accounting system still balances |
| financial reports | financial statements for external users and internal users |
| business overview | reports include financial statements |
| who owes you | reports are used to track amounts that customers owe your business including a/r, aging reports, collections reports and open invoices |
| sales and customers | reports provided detailed information about customers and sales transactions |
| what you owe | reports are used to track amounts that your business owes others |
| expenses and vendors reports | provides detailed information about vendors and expenses transactions |
| sales tax reports | includes reports about sales tax liabilities and taxable sales |
| employees report | includes the employees list and time activities reports |
| for my accountant report | reports that include the account list, general ledger, journal and trial balance |
| payroll reports | same reports as the employee reports |
| profit and loss statements | lists sales and expense for a specified accounting period |
| cash basis | 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 he cash is collected from the customer; expenses are recorded when he cost is incurred or expires, even if the expense has not been paid |
| assets | what a company owns |
| liabilities | what a company owes |
| owners equity | residual that is left after liabilities are satisfied |
| statement of cash flows | summarizes cash inflows and cash outflows for a business over a period of time |
| cash flows | from: operating activities investing activities financing activities |
| management reports | prepared as needed to provide management with information for making operating and business decisions |
| sales and customers reports | provide detailed information about customers and sales transactions |
| physical inventory worksheet | used when taking a physical count of inventory |
| open purchase order | are purchase orders for items ordered but not yet received |
| purchases by vendor | report list all purchases, grouped by vendor |
| audit log feature | permits us to track all changes made to our QBO records |
| tags | electronic labels |
| financial statements | reports used by investors, owners and creditors to make decisions |
| tax forms | provide information to federal and state tax authorities |
| management reports | used by internal users to make decisions regarding company operations |
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