Assets
What is the most liquid asset owned by a company?
Cash/Bank Account
What is the name of the money a business owes to its suppliers or vendors for goods or services it has received but not yet paid for.
Accounts Payable (AP)
Name of anything of value that an individual or business owns.
Asset
What does COGS stand for?
Cost of Goods Sold
True or False. I have to download QuickBooks Online to my computer in order to use it.
False
Assets that are held for a period of one year or less
Current Assets
If I pay one of my Accounts Payable down to zero, will I debit or credit the Accounts Payable account?
Name of the account that shows how much my customers owe me?
Accounts Receivable
What does OPEX stand for?
Operating Expenses
True or False. QuickBooks Online always use double entry accounting.
True
A vehicle or machinery used for your business is what type of asset?
Fixed Asset
What report would I look at if I wanted to see a summary of how much I owed my vendors and how far past due the balances are?
Accounts Payable Aging
What a business owes to other individuals, businesses, or institutions?
Liabilities
When using the cash method of accounting, when do you recognize revenue?
When cash is deposited to your bank account.
A certified accounting professional with specialized knowledge and expertise in Intuit QuickBooks software
QuickBooks ProAdvisor
How long do you depreciate Furniture and Fixtures?
Typically 7 Years
If you have payment terms of 2/10 n/30, what does that mean?
2% discount if the full balance is paid within 10 days. The net balance is due at 30 days.
Assets - Liabilities = ?
Equity
Revenue - COGS = ?
Gross Margin
Name of the report I would look at if I wanted to see who owes me and how long they are past due.
Accounts Receivable Aging
How long do you depreciate land owned by a business?
Land is not depreciated
What side of a T Account do liabilities normally show up on?
Right
What section is Net Income visible on the balance sheet?
Equity
Revenue - All Expenses = ?
Net Income
Quickbooks Online is hard to use. Who should I hire to do my bookkeeping?
North Peak Services