Balance Sheets
What are the titles of the three sections of a balance sheet?
Assets, Liabilities, Equity
"Merchandise Inventory, Jan. 1, 20--" is also referred to as:
Beginning Inventory
This vocabulary term refers to the price of one share of stock
Par Value
What major company owns QuickBooks?
Intuit
What is the order in which we learned the three major financial statements so far this year?
Income Statement, Statement of Stockholders' Equity, Balance Sheet
Where do we obtain all numbers needed to complete a corporate balance sheet? (two answers)
Adjusted Trial Balance & Statement of Stockholders' Equity
Where do we obtain all numbers needed to complete an income statement? (one answer)
Adjusted Trial Balance
What effect will a net profit have on retained earnings?
Retained earnings will increase
What is an income statement called in QuickBooks?
Profit-and-Loss Statement (PNL)
The accounting equation is used on which major financial statement for a business?
Balance Sheet
What are the two sections of assets on a corporate balance sheet?
Current Assets & Plant Assets
What is our formula for net sales?
Sales - Sales Discounts - Sales Returns and Allowances
What are the titles of the two primary sections on a Statement of Stockholders' Equity?
Capital Stock & Retained Earnings
A transaction occurs and needs to be recorded. What is the first thing a Bookkeeper would click?
(refer to picture)
"+ New" Menu
______ are the percentage of a company's earnings that is paid to its shareholders as their share of the profits.
Dividends
What are the two examples of plant assets on our playbook/noes?
Office Equipment & Store Equipment
Net Sales - COMS = ??
Gross Profit
Where do we obtain all numbers needed to complete a Statement of Stockholders' Equity? (two answers)
Adjusted Trial Balance & Income Statement
You want to view the balance sheet for your business. What menu is clicked along the left side?
(refer to picture)
Reports
What account for a business remains unused until the closing entries process?
Income Summary
What type of account is associated with an asset and is used to deduct the book value of that asset?
Contra Account
What are the titles of the four sections of an income statement?
Operating Revenue, Cost of Merchandise Sold, Gross Profit, Expenses (Direct or Indirect)
At the beginning of the year, Company ABC had already issued 5,000 shares of stock. During the year, they issued another 1,000 shares of stock. Therefore at the end of the year, what is total value of all issued stock if the par value is $10.00?
$60,000
You purchased a new subscription in QuickBooks and now need to setup your preferences before entering transactions. What is the first thing to click?
(refer to picture)
Settings Wheel / Gear Icon
We watched a QuickBooks tutorial video on how to connect third party apps to your books, and later demonstrated which menu to go through to do so. Which app was used as an example in the tutorial video we watched?
PayPal