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WorksheetsQuickBooks Vocabulary
Total questions: 20
Worksheet time: 12mins
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 (a) 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 (a) .
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 (a) transactions.
COGS is the direct costs attributed to producing a service or product for sale
and directly links these costs and revenue.
What does COGS stand for?
A card issued by a financial company that enables the cardholder to borrow funds based upon the condition that the cardholder will pay back the borrowed money in addition to agreed-upon interest
charges.
Credit Card
Vendor
Credit Memo
Asset
An option to add credit to a customer's account that applies immediately toward the customer's
balance.
Invoice
Cash report
Credit Memo
An entity that purchases products and/or services from a company.
Customers
Employees
Individuals who work for and are paid by a company regularly.
Employees
Customers
The net worth of a company representing the difference between a company's liabilities and assets.
Equity represents the health of a business as it represents the amount of money left after all of the debts are satisfied.
Cash Report
Equity
Expense
What is an Expense?
Money spent or cost incurred in an organization or individual's endeavors to generate revenue, including equipment, materials, marketing, and wages for employees.
An accounting method report that reflects only paid transactions.
An itemized bill detailing the goods or services rendered, with the costs.
Income: The revenue earned from the sale of goods or services or the money individuals receive as
compensation for their (a) .
An itemized bill detailing the goods or services rendered, with the costs.
Equity
Invoice
Vendor
A company's debts, including credit extended to the business, money owed on credit cards, sales
tax owed to the government, employee withholdings owed to the government, and both short-term
and long-term debts. Liabilities are distinguished between two types: current and long-term.
Liability
Expense
Accounts Payable
Customers
