QBO Vocabulary Words

What is the definition of Accounts Receivable?

• Money owed to a company by its customers

• Money a company owes to its creditors

• The total amount of sales made by a company

• The total amount of expenses incurred by a company

An Accrual Report is:

• A report that shows accrued expenses and revenues (all transactions)

• A report that shows only cash transactions

• A report that shows future projections

• A report that shows past performance

A Balance Sheet is:

• A financial statement that summarizes a company's assets, liabilities, and equity

• A document that records all the transactions of a company

• A report that shows the profit and loss of a company

• A statement that details the cash flow of a company

A Bank is:

• A financial institution

• A type of food

• A piece of furniture

• A musical instrument

What is COGS?

• Cost of Goods Sold- direct costs to produce a service or product for sale

• Cost of General Services-direct costs to produce a service or product for sale

• Cost of Goods and Services-direct costs to produce a service or product for sale

• Cost of General Sales-direct costs to produce a service or product for sale

What is a Credit Memo?

• A document to add credit to a customers account

• A document issued by a buyer to a seller, increasing the amount owed by the buyer

• A document issued by a bank to a customer, indicating a loan approval

• A document issued by a customer to a bank, requesting a loan

What is a Customer?

• A person who purchases goods or services

• A person who sells goods or services

• A person who manufactures goods

• A person who manages a company

What is a Check?

• written order instructing a bank to pay money to a third party

• A type of food

• A musical note

• A piece of clothing

What is an Expense?

• A cost incurred in the process of earning revenue

• A type of income

• A form of asset

• A financial gain

What is an Invoice?

• A document issued by a seller to a buyer that has an itemized bill detailing good or services rendered

• A type of currency

• A legal contract

• A form of identification