Accounting Terms and Definitions

What is the definition of Accounts Payable?

• 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.

• An accounting method report that reflects all transactions.

• 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.

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

What is the definition of Accounts Receivable?

• 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.

• An accounting method report that reflects all transactions.

• 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.

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

What is an Audit Log?

• An accounting method report that reflects all transactions.

• An economic resource that will generate economic benefit and is categorized in the order of how liquid the asset is: current, fixed, and other.

• 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.

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

What does a Balance Sheet reflect?

• A) Assets, liabilities, and equity. It does not show profit or loss.

• B) An economic resource that will generate economic benefit and is categorized in the order of how liquid the asset is: current, fixed, and other.

• C) 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.

• D) A log built into QuickBooks that tracks all changes made and which user made them.

What is a Bank?

• An economic resource that will generate economic benefit and is categorized in the order of how liquid the asset is: current, fixed, and other.

• A financial institution licensed to receive deposits, make loans, track cash in and out of a business, and provide financial services.

• 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.

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

What is Bank Reconciliation?

• An economic resource that will generate economic benefit and is categorized in the order of how liquid the asset is: current, fixed, and other.

• A financial institution licensed to receive deposits, make loans, track cash in and out of a business, and provide financial services.

• The process of comparing bank statements to transactions in QuickBooks.

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

What is a Bill?

• An economic resource that will generate economic benefit and is categorized in the order of how liquid the asset is: current, fixed, and other.

• A statement showing the amount of money owed for goods or services.

• The process of comparing bank statements to transactions in QuickBooks.

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

What does COGS stand for?

• Cost of Goods Sold

• Cost of Goods and Services

• Cost of Operations and Goods

• Cost of Goods and Sales

Fill in the blank: _______ is 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.

• Accounts Receivable

• Accounts Payable

• Inventory

• Revenue

Fill in the blank: _______ is 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 Payable

• Accounts Receivable

• Inventory

• Revenue