Show:
Vendors
Expenses
Paying Bills
Accounting BTS
Miscellaneous
100
This is every person or company from whom we purchase products or services from
What are vendors?
100
These are an outflow of money to another person or group to pay for an item or service; they are costs incurred in order to generate revenues.
What are expenses?
100
These statements show a "snapshot" of an organization.
What is a status report?
100
This is what GAAP stands for
What are generally accepted accounting principles?
100
This is quickbooks
What is the accounting computer software that we will be using in Accounting 1?
200
This is where you set up new vendors.
What is the vendor center?
200
These are the 2 ways the fundamental accounting equation is stated.
What are 1) Assets-Liabilities=Owner's Equity and 2) Assets=Owner's Equity+Liabilities?
200
A balance sheet is prepared to in order to show this.
What is the financial position of a person or business?
200
This professional organization is responsible for the creation of GAAP
What is the Financial Accounting Standards Board (FASB)?
200
These are accountants who examinate and evaluate the financial statements of an organization
Who are auditors?
300
This is when you add a vendor quickly, without entering him/her in the vendor center.
What is quickadd?
300
This refers to money owed by a company
What are liabilities?
300
A bank loan would be listed under this category on the balance seet.
What is the liabilities section?
300
These are three different statements that GAAP requires business to prepare
What are the profit and loss (income statement), balance sheet, and statement of cash flow?
300
If a business closes the owners personal assets can be seized to satisfy the debt.
What is unlimited liability?
400
This is the setting where you enter the vendor's tax id information.
What is the tax settings?
400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400
These are 3 examples of organizations that may be interested in a company's financial position.
What are 1) Suppliers, 2) Banks and 3) Government?
400
The GAAP Principle states that accounting for a business should be fair.
What is the Principle of Conservatism?
400
This is the report that shows financial information over a period of time.
What is a flow report?
500
This is how you record a vendor that is also a customer
What is Name-V?
500
These are amounts that have been paid or will be paid later for costs that have been incurred.
What are expenses?
500
This is another term used on the balance sheet that refers to Owner's Equity.
What is net assets?
500
These are the economic entity, monetary unit, time period, cost principle, full disclosure, going concern, matching, revenue recognition, materiality, and conservatism principles of accounting.
What are the main accounting principles and guidelines?
500
This is a large company composed of several individuals who are often strangers.
What is a limited company?