Chapter 1 Concepts

Pregunta	Respuesta
QBO SatNav	Divides QBO into three main processes.
Company Settings	involve setting up a new QBO company and selecting company preferences, such as displaying account numbers.
QBO Chart of Accounts	list of all the accounts for a company. These accounts can be used to sort and track accounting information, and automatically creates a Chart of Accounts when we set up a new QBO company.
QBO Settings	include Company Settings and QBO chart of Accounts.
QBO Transactions	involves recording transactions as input into the financial system. Can be categorized as Banking, Customers & Sales, Vendors & Expenses, and Employees & Payroll. Basically involves recording money in and money out of a company.
QBO Reports	the output of the system. Typically provide information to decision makers.
Financial Statements	standardized financial reports that summarize information about past transactions.
Balance Sheet	summarizes what a company owns and owes on a particular date.
Profit and Loss Statement (Income Statement)	summarizes what a company has earned and the expenses incurred to earn the income.
Statement of Cash Flows	summarizes the cash inflows and cash outflows for operating, investing, and financing activities of a business.
Tax Returns	for federal and state tax agencies.
Management Reports	for company managers and owners to use when making business decisions.

Resumen del Recurso

	Creado por Tayler Shellhase hace más de 1 año