QBO chapter 7 key terms

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Chapter 7 key terms for QuickBooks online
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Inventory Products that we buy for which we track quantities
Non-inventory Products that we buy but we don't need to track the quantity of the product
Service Services that we buy from vendors
Bundle A collection of products and services that we sell together as a bundle
3-way match principle of internal control used when ordering, receiving, and paying for inventory. 1. What was ordered? 2. What was received? 3. What was billed?
Internal control a set of processes and procedures to safeguard assets and detect errors.
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