Business
Types of Accounts
Transactions
Terminology
QuickBooks
100
A business owned by one person.
What is a sole proprietorship?
100
An asset account where all the machinery owned by the business is recorded and depreciated.
What is Office Equipment?
100
Sales account is credited, Accounts Receivables are debited, Merchandise is credited, COGS are debited and Sales Tax is credited.
What is happening when a customer purchases an item on account?
100
A bookkeeping system where every transaction is recorded in at least two accounts.
What is double entry bookkeeping?
100
The place where new customers and their jobs are added and edited.
What is the customer center?
200
A business owned by two or more people who share in the profits.
What is a partnership?
200
A liability account for money owed to the bank when property is purchased.
What type of account is a mortgage?
200
Money that is being moved from one account into another.
What is a transfer?
200
A system that considers money spend and received even before the actual dollar amount is paid or received.
What is the accrual system of bookkeeping?
200
A non-posting entry where a customer is told how much a job will cost.
What is an estimate?
300
A business run by a Board of Directors that sells stock to raise capital.
What is a corporation?
300
An account which shows how much money was invested by the owner into his business.
What is Owner's Capital?
300
When someone purchases goods or services on account and will be sent an invoice in the future.
What are account receivables?
300
Money is not posted until actually spend or received.
What is cash basis accounting?
300
Car Loan
What is the name of the account where the principle of a car loan is recorded?
400
A business that sells merchandise to another business for resale.
What is a wholesaler?
400
An expense account which shows how much money was spent to obtain new business by taking a prospective customer out to eat.
What type of account is Food and Entertainment?
400
When a sales tax bill is paid to the government.
When is money debited from Sales Tax Payable?
400
Loan Expense
What is the name of the expense account where interest on a loan is recorded?
400
Credit Card Reconcilliation
What is another name for balancing your credit card statement?
500
Any business that sells merchandise to the public for profit.
What is a retailer?
500
An account which keeps track of the expense of buying and producing goods for resale.
What are COGS?
500
An amount subtracted from the worth of an asset at the end of the fiscal year.
What is accumulated depreciation?
500
Ending Balance
What is the amount of money that the bank says that you have in the account called on a bank statement?
500
Merging Vendors..
What is the technical name for combining two vendor accounts?
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