Bookkeeping
The account in a business that tracks what you have to sell.
What is the merchandise or inventory account?
The section used to keep track of people your business services or sells goods to.
What is the Customer Center?
The type of account that shows you what you owe.
What is a liability?
The report that shows if your business made money.
What is a profit and loss statement?
Assets = Liabilities + Capital
What is the accounting equation?
The account that is debited only when you sell merchandise.
What is the COGS account?
The section in QuickBooks used to keep track of the suppliers to your business.
What is the Vendor Center?
The type of account that shows you what you own
What is an asset?
The report that shows what you business is worth.
What is a balance sheet?
Income - COGS =
What is Gross Profit?
The account credited when you have to pay bills.
What is the checking account?
The place in QuickBooks where you can see all payments made by you by check.
What is the check register?
Used to schedule bill payments located in the Vendor Center.
What is the Pay Bills feature?
A place where you keep track of all of your credit card purchases.
What is Credit Cards Payable?
Assets - Liabilities =
What is the equation that shows the Net Worth of a company?
A business engaged in the sale of goods to the public.
What is a retail business?
The account debited to pay all sales tax collected by you in the course of business to the government?
What is Sales Tax Payable?
The type of account used to keep track of what you spend in the course of doing business.
What is an Expense?
Sent by the bank at the end of the month showing you what is in your bank account and all transactions made within the bank account.
What is a bank statement?
Gross Profit - Expenses =
What is Profit?
The account used to enter bills received by your business.
What is Accounts Payable?
If there are open bills or money still owed this cannot be done to a customer or vendor record.
When does QuickBooks not allow you to void a transaction?
An asset account where you keep track of all money earned until you take it to the bank.
What is Undeposited Funds?
One is given when a customer pays in full at the time of a purchase and the other is sent to the customer when the customer purchases something on account.
What is the difference between a sales receipt and an invoice?
Assets, Liabilities and Capital.
What shows up on a Balance Sheet?