Chap 10 Key Words

Pregunta	Respuesta
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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