General Accounting Terms
An index of Accounts contained in a ledger.
Chart of Accounts
Shows results of an entity's operations for a period of time.
Income Statement or P&L
The Balance sheet equation
A=L+OE
The author of our Quickbooks textbook.
Donna Kay
This process allows you to complete one accounting year and start another.
Closing Process
The practice of recognizing revenues and occur, instead of when the cash is received or a payment is made.
Accrual Accounting
Listing for the entity's assets, liabilities and equity at a specific date.
When a transaction is made on account, refers to this type of transaction.
Credit
Awarded upon successful completion of an exam demonstrating the ability to effectively use QuickBooks online.
QuickBooks Online Certification
The Professional Designation for Accountants, obtained by fulling education and experience requirements and passing a four-part exam.
CPA
A method of bookkeeping that relies on two sided accounting entry to maintain financial information
Double-entry Accounting
Reports the changes in equity of the company and it's subsidiaries.
Statement of Equity
Transactions are recorded in this.
Journal
This tab is used when looking to pay a bill in QuickBooks.
Expenses
The results of an audit that gives a four page summary of a CPA's finding.
Independent Auditor's report
Economic interchanges between entities that are accounted for and reflected in financial statements.
Transactions
Provides data regarding all operating, investing and Financing activities of the business.
Statement of Cash Flows
This process allows you to understand the affect transaction has on the financial statements.
Transaction Analysis Methodology
This tab summarizes the output of QBO financial system.
Reports Tab
The authoritative standard-setting body withing the accounting Profession.
Financial Accounting Standards Board
Rule that states transactions have to be recorded at their original(historical) cost to the entity as measured in dollars.
Cost Principle
Summarizes the changes during the fiscal period in capital stock, additional paid in capital, and retained earnings,
Statement of change in stockholder's equity
Transactions generate invoices, receipts, check stubs, and copies of credit to customers which are all considered.
Source Documents
This function is used to add banking information from an account not linked to QBO.
Import Data Function
Document that contains a company's financial statements, notes to the statements, and the manager's analysis of financial and operating factors that affected the firm for the year.
Annual Report