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28 Cards in this Set
- Front
- Back
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three main ways to enter data in quickbooks
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Forms
Lists Registers |
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four ways to access features in quickbooks
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menu bar
icon bar shortcut list navigator |
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six lists used in quickbooks
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chart of accounts
Item list Customer list vendor list employee list other names |
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objectives of an accounting system
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control of financial affairs
Basis of financial statements basis for business analysis planning and budgeting legal requirements |
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four methods of analysis for evaluating business financial performance
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Vertical or Common Size
Horizontal or trend or over time Comparative Ratio |
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four groups of ratios
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liquidity
debt or leverage/coverage firm activity profitability |
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default accounting method used most in QuickBooks to generate financial reports
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Accrual
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The chart of accounts displays
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balance sheet accounts first followed by income and expense accounts.
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process of making sure that your checking account record matches your bank’s record.
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Reconciling
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Current Ratio =
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Current Assets
Current Liabilities |
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Quick Ratio =
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Current Assets – Inventory
Current Liabilities |
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The balance sheet provides a measure of
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wealth (or equity).
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The income statement provides a measure of
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Profit
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operating income (or EBIT) =
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The gross margin minus operating expenses (not including interest expense)
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working capital (or net working capital)
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Current assets minus current liabilities
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two leverage ratios
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debt to equity
debt to asset |
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part of the chart of accounts
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checking
accumulated depreciation accounts payable |
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Checking and savings are set up as account types in QuickBooks
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bank
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In Assignment Two, what was the name of the employee you added to the rock castle construction company?
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Marlene Duncalf
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For all the lessons to install the exercise company (Rock Castle) data you need to
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restore backup files
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The two file extensions used for company data in QuickBooks
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Name.qbw
Name.qbb |
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Information about a company from which you purchase goods and services used in your business is entered using
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Vendor list
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process of making sure that your checking account record matches your bank’s record.
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Reconcile
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to set up or create a new company
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Easystep Interview
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three major methods of valuing inventory
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FIFO
LIFO Average |
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Three types of inventory for a manufacturing firm
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RAW MATERIALS , WORK-IN-PROGRESS AND FINISHED/FINAL PRODUCT
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time required to purchase or manufacture inventory, sell the product and collect the cash
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operating cycle
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natural resources tangible assets is allocated using
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depletion
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