Chapter 10 Key Terms

Question	Answer
Cash Basis	A sale is recorded when cash is collected from the customer.
Accrual Basis	Sales are recorded when the good or service is provided regardless of when the cash is collected from the customer.
Who Owes You Reports	Examples of this category include accounts receivable aging and open invoices.
Sales and Customer Reports	This category of reports includes income by customer and sales by product/service reports.
What You Owe Reports	Examples of this qbo report category include accounts payable aging and unpaid bills.
Expenses and Vendors Reports	This report category includes open purchase orders and purchases by product/service.
For My Accountant Reports	Examples of this include the trial balance, journal, and general ledger reports.
Tags	Electronic labels.
Profit and Loss	Lists income and expenses, summarizing the income a company has earned and the expenses incurred to earn the income.
Balance Sheet	Lists assets, liabilities, and owner's equity, summarizing what a company owns and owes on a particular date.
Statement of Cash Flows	Lists cash flows from operating, investing, and financing activities of a business.

Resource summary

	Created by Regan Deckinger over 1 year ago