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66 Cards in this Set
- Front
- Back
Double entry account is used to record the amount received as a debit or credit? |
Debit |
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Double entry accounting is used to record when an amount is given as a debit or credit? |
Credit |
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This allows you to make debit and credit entries onscreen. |
OnScreen Journal |
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This allows you to record transactions which are automatically converted into double entry accounting entries. |
OnScreen Forms |
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This is a list of all the accounts for the company and tracks accounting information. |
Chart of Accounts |
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summarizes hat the company owns and owes |
Balance Sheet |
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summarizes what a company has earned and the expenses incurred to earn that income |
Profit and Loss Statement OR Income Statement |
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summarizes cash inflows and cash outflows for operating, investing, and financing activities of a business. |
Statement of Cash Flows |
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What is the quickbooks working file extension? |
.QBW |
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What is the quickbooks backup file extension? |
.QBB |
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What are the main categories on the homepage? |
Customer, Vendor, Employee, Banking, and Company |
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What does the vendor section record? |
Purchase Orders Sales Tax Paid |
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What does the employees section do? |
Time Worked |
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In the banking section, what can you do? |
Record Deposits |
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From the company section, you can access what? |
Chart of Accounts |
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How can you access reports |
Click "Reports" in the ICON BAR |
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This lists assets, liabilities, and equity... |
Balance Sheet |
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This lists income (revenue) and expenses |
Profits & Loss Accounts, Income Statement |
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These are considered Non-Posting Accounts |
Purchase Orders and Estimates |
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An ______ is a resource that a company owns. These are expected to have future benefits. EX: Cash, Accounts Receivable, and Inventory. |
Asset |
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____ are amounts a company owes to others. These are obligations. EX: Accounts Payable, Sales Taxes payable, Interest Payable, Mortgage Payable. |
Liabilities |
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_____ accounts represent the net worth of a business. It is calculated as an asset. |
Owners Equity |
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Income statements list two different statement accounts which are: |
Income and Expense |
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_____ Accounts record sales to customers and other revenues earned by the company |
Income |
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____ Accounts record costs that have expired or have been consumed in the process of generating income. |
Expense |
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____ ______ is calculated as an income less cost of goods sold and other expenses and is an attempt to measure efforts against accomplishments. |
Net Income |
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A ______ is a record of all transactions affecting the checking account. |
Check Register |
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This section allows you to record deposits, write checks, print checks, reconcile bank statements, view the check register, and enter credit card changes. |
Banking Section |
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This is the only section that allows you to WRITE and PRINT checks. |
Banking |
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Reasons to do this are either errors or timing differences (deposits in transit, outstanding checks, items not yet recorded by the company) |
Reconcile Bank Statements |
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As far as checking accounts go in business, you should always have... |
A checking for just business and a separate checking for personal. |
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This allows you to record and pay bills at the same time. When using this approach the bill is paid when it's received. |
One Step Approach to bill paying |
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This approach allows you to record a bill when it is recieved and then pay the bill later when it is due. |
Two Step Approach to bill paying |
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Quickbooks classifies deposits into two types which are: |
Payments from Customers and Nonsales Receipts. |
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Cash recieved from loans, investments from owners, interest earned, and other income like rental income are all considered |
Non Sales Receipts. |
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What are the two steps when recording a deposit from the record deposits icon? |
Record the payment recieved but not yet deposited, then record the deposit itself. |
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This is an option for getting rid of a check that removes all record of the transaction. |
Deleting the check |
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This is an option for getting rid of a check that changes the amount deduced in the check register to zero but the check still appears in the check register, thus leaving a record of the transaction. |
Voiding the check |
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The customer pays with cash, check, or credit card at the time of sale. The sale is then record on a ..... |
sales reciept |
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The sale is recorded on an ____ when the good or service is provided and the customer decides to pay later. |
Invoice |
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Accounts recievable means what? |
amounts that the company expects to receive in the future, by the promise of a customer for goods already received. |
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This section includes finance charges, statements, refunds and credits, and accepting credit cards. |
Customer Section |
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What are the three possible ways for a customer to record a sale? |
Cash sale (when they pay cash), credit sale (when they promise to pay later), and credit CARD sale (when they pay using a credit card) |
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The following are all an example of ____ :
Suppliers that you buy inventory/supplies from, service companies that provide services to your company, financial institutions that provide financial services, tax agencies like the IRS, and utility and phone companies. |
Vendors |
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Records vendor information |
Vendor List |
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What are service items? |
services that can be purchased or sold |
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What are inventory items? |
Items and goods that a business purchases, holds in inventory, and then resells to customers. |
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What are non-inventory items? |
Items that quickbooks doesn't track the quantity on hand. |
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An Item purchased for a specific customer job is considered what type of item? |
A non-inventory item |
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What are the four main steps to processing payroll in quickbooks? |
Enter Time, Pay Employees, Pay Payroll Liabilities, Process Payroll Forms |
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After entering time and paying employees, what is the next step in payroll? |
Pay Payroll Liabilities |
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What is the first step of payroll? |
Enter Time |
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What is the last step of payroll? |
Process Payroll forms |
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This center contains the employee list with employee information like addressess and social security numbers. |
Employee Center |
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There are three different ways to track time in quickbooks, what are they? |
Time Single Activity, Weekly Timesheet, and Online Timesheets |
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Uses the stopwatch to time an activity and enter the time data |
Time Single Activity |
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This uses ___ timesheet to enter time worked by each employee on various jobs during that specified time. |
Weekly Timesheet |
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Enters billable hours from any internet-connected computer. |
ONLINE Timesheets |
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This includes amounts from federal income taxes, state income taxes, FICA, and unemployement taxes. |
Payroll Liabilities |
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This form summarizes the amount of unemployment tax paid and due by the employer. |
FORM 940 |
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Filed with the IRS, this form summarizes the amount of federal income tax, social security, and medicare withheld from employee paychecks and is filed by large companies. |
FORM 941 |
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This form summarizes the amount of federal income tax, SS, and medicare withheld from employee paychecks and is filed usually by smaller companies. |
FORM 944 |
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These are required to be given by the employer, to the employee, and summarize amounts paid the previous year for salaries, wages, and withholdings. |
W-2 Form |
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This is filed with the social security administration and is a summary of all of an employer's W-2 forms. |
W-3 Form |
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These THREE are withheld from employee paychecks during payroll |
Federal income tax, state income tax, and FICA |
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The employer only has a specific share of what TWO things from paychecks during payroll periods? |
Their portion of FICA and unemployment taxes |