QBO chapter 10 key terms

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Chapter 10 key terms for Quickbooks Online
QUINLAN WILSON
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QUINLAN WILSON
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Cash Basis A 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 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.
Assets What a company owns.
Liabilities What a company owes.
Owners' Equity The residual that is left after liabilities are satisfied.
Cash Flows from Operating Activities Cash inflows and outflows related to the company's primary business, such as cash flows from sales and operating expenses.
Cash Flows from Investing Activities Cash inflows and outflows related to acquisition and disposal of long term assets.
Cash Flows from Financing Activities Cash inflows and outflows to and from investors and creditors (except interest payments). Examples include loan principal repayments and investments by owners.
Open Purchase Order List Open purchase orders are purchase orders for items ordered but not yet received.
Purchases by Vendor Detail The purchases by vendor detail report lists all purchases, grouped by vendor.
Journal The journal report lists every transaction entered in our QBO Company in a debit and credit entry form.
Audit Log The audit log feature of QBO permits us to track all changes (additions, modifications, and deletions) made to out QBO records.
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