QuickBooks Vocabulary

What is Accounts Payable?

• An account type that assigns a vendor with each entry and is used when generating a vendor bill/credit transaction or paying a bill; this tracks how much money a company still owes its vendors.

• An entity that purchases products and/or services from a company.

• Money spent or cost incurred in an organization or individual's endeavors to generate revenue, including equipment, materials, marketing, and wages for employees.

Vendor: An entity that a company ______ products and/or services from.

An account type that assigns a customer with each entry and is used when generating an invoice

transaction, credit transaction, or when receiving a customer payment; this tracks how much money

is still owed by a company's customers.

• Accounts

  Receivable

• Accounts Payable

• Liability

• Expense

Accrual Report: An accounting method report that reflects all _________.

The specified amount of time in which a payment is due.

• Expense

• Income

• Terms

An economic resource that will generate economic benefit and is categorized in the order of how

liquid the asset is: current, fixed, and other.

• Audit Log

• Asset

• Cash Report

• Income

A log built into QuickBooks that tracks all changes made and what user made them.

• Audit Log

• Cash Report

What is a Balance Sheet?

• An entity that purchases products and/or services from a company.

• A log built into QuickBooks that tracks all changes made and what user made them.

• An accounting method report that reflects only paid transactions.

• A report that reflects assets, liabilities, and equity. It does not show profit or loss.

A financial institution licensed to receive deposits, make loans, track cash in/out of a business, and

provide financial services.

• Accounts

  Receivable

• Bank

• COGS

Cash Report: An accounting method report that reflects only _____ transactions.