Business
Money that a company has provided customers with goods and/or services, but not received payment for.
Hint: Account name
What is Accounts Receivable?
Amounts a company earned and recorded from the sales of its products/services
What is Income?
A bookkeeping system where every transaction is recorded in at least two accounts.
What is double entry bookkeeping?
The place where new customers and their jobs are added and edited.
What is the Sales/Invoicing center?
Language of Business
An account which shows how much money was invested by the owner into the business.
What is Owner's Investment/Equity?
Another name for Profit and Loss statement?
What is Income Statement?
What action in the bank feeds should be taken before you Add a transaction.
What is Find a Match?
Report that displays the Total Assets, Liabilities and Equity.
What is a Balance Sheet
When you owe money to another.
What is a Liability?
Revenue minus cost of goods sold.
What is gross profit?
The name of the expense account where interest on a loan is recorded?
What is Interest Expense
What is another name for balancing your credit card /bank statement?
Reconciliation
Business Owner withdraws $5000.00 a month for personal expenses, reducing asset and
What is decreasing Equity?
Equipment that the business owns!
What is an Asset?
Revenue minus Cost of Goods and Operating expenses.
What is Net Income?
Asset account type that will always have a Credit Balance.
What is Contra Asset?
A non-posting entry where a customer is told how much a job will cost.
What is an estimate?
Sole Proprietor, Partnership, LLC, S Corp, C Corp
What are Business Types?
Assets = Liability + Equity
What is the Accounting Equation?
What is Statement of Activites?
What is an Expense/Check?
This tool can be used to batch edit multi transactions.
What is the Reclassify Tool?