38276634
Description
Flashcards by Stephanie Poole, updated more than 1 year ago
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Created by Stephanie Poole
almost 2 years ago
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| Question | Answer |
| Business Overview | reports include financial statements, such as Profit and Loss reports, Balance Sheet reports, and Statement of Cash Flows |
| Who Owes You | reports are used to track amounts that customers owe your business, including Accounts Receivable Aging reports, Collection reports, and Open Invoices |
| Sales and Customers | reports provide detailed information about customers and sales transactions, including Customers List, Products and Services List, Deposit Detail, Income by Customer, Sales by Customer, and Sales by Product/Service |
| What You Owe | reports are used to track amounts that your business owes others, including Accounts Payable reports, Unpaid Bills reports, and Vendor Balance reports |
| Expenses and Vendors | reports provide detailed information about vendors and expenses transactions, including Check Detail report, Expenses by Vendor report, Open Purchase Order Lists, and Vendors List |
| Sales Tax | reports include reports about Sales Tax Liabilities and Taxable Sales |
| Employees | reports include the Employees List and Time Activities reports |
| For My Accountant | reports include the Account List (Chart of Accounts), General Ledger, Journal, and Trial Balance |
| Payroll | reports are the same reports as the Employees reports, including the Employees List and Time Activities reports |
| Financial statement | standardized financial reports given to external users, such as bankers and investors. The three main financial statements are the Profit and Loss, Balance Sheet, and Statement of Cash Flows. |
| Profit and Loss Statement | lists sales (sometimes called revenues) and expenses for a specified accounting period. Profit, or net income, can be measured two different ways: • Cash basis. A sale is recorded when cash is collected from the customer. Expenses are recorded when cash is paid. • Accrual basis. Sales are recorded when the good or service is provided regardless of when the cash is collected from the customer. Expenses are recorded when the cost is incurred or expires, even if the expense has not been paid. |
| Management reports | prepared as needed to provide management with information for making operating and business decisions. |
| Tags | Electronic labels |
| Tax forms | objective of the tax form is to provide information to federal and state tax authorities |
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