General Accounting Terms
An index of accounts contained in a ledger.
What is the Chart of Accounts?
Shows results of an entity's operations for a period of time.
What is the Income Statement or P&L?
The Balance Sheet equation.
What is "A=L+OE"?
The author of our QuickBooks textbook.
Who is Donna Kay?
The full name of the business for the MQ and FQ Summative Projects.
What is Mookie the Beagle Concierge.
The practice of recognizing revenues as they occur, instead of when the cash is received or a payment is made.
What is Accrual Accounting?
Listing for the entity's assets, liabilities and equity at a specific date.
What is the Balance Sheet?
When a transaction is made on account, it refers to this type of transaction.
What is "On Credit"?
This is awarded upon successful completion of an exam demonstrating the ability to effectively use QuickBooks online.
What is QuickBooks Online Certification?
The professional designation for accountants, obtained by fulling education and experience requirements and passing a four-part exam.
What is a CPA?
A method of bookkeeping that relies on two-sided accounting entry to maintain financial information.
What is double-entry accounting?
Reports the changes in equity of the company and its subsidiaries.
What is the Statement of Equity?
Transactions are recorded in this.
What is the journal?
This is the extremely useful QBO tool that allows a user to see recent transactions and search the file quickly.
What is the magnifying glass?
The goal is to provide useful financial information to external stakeholders, usually in the form of Financial Statements.
What is Financial Accounting?
Economic interchanges between entities that are accounted for and reflected in financial statements.
What are transactions?
Provides data regarding all operating, investing and financing activities of the business.
What is the Statement of Cash Flows?
The unit of measurement of all accounting transactions.
What is the dollar?
On the left-side toolbar, this tab summarizes the output of QuickBooks financial system.
What is the "Reports" tab?
What are Generaly Accepted Accounting Principles.
Rule that states transactions have to be recorded at their original (historical) cost to the entity as measured in dollars.
What is the Cost Principle?
Summarizes the changes during the fiscal period in capital stock, additional paid in capital, and retained earnings.
What is the Statement of change in stockholders' equity?
The part of a transaction that is recorded on the left.
What is a debit?
This log shows every transaction created in a QBO file with a date and time stamp.
What is the Audit Log.
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.
What is an Annual Report?