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Registers

answer

A repository for all financial activity for a specific balance sheet account.

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Reports and Graphs

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A means of presenting the financial position and the operating results of a company in a way that makes business decision making easier.

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Backing up a file

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The process of creating a copy of a QuickBooks file for safekeeping or transporting to a different computer.

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Data Files CD

answer

Contains backups of all the practice files needed for chapter work and completion of assignments.

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Lists

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Groups of names such as customers, vendors, employees, items, accounts, etc.

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Home Page

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A big picture approach of how your essential business tasks fit together organized by logical groups such as customers, vendors, employees, etc.

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Forms

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Electronic representations of paper documents used to record business activities such as customer invoices, vendor bills, or checks.

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Registers

answer

The process of rebuilding a backup file to a full QuickBooks file ready for additional input.

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Icon Bar

answer

One click access to QuickBooks Centers and Home page.

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% of Column

answer

When selected in the Modify Report window, this check box requires QuickBooks to add a column representing the percentage of each item compared to total assets.

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Without Cents

answer

When selected in the Modify Report window, this check box requires QuickBooks to round amounts to the nearest whole dollar.

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From date

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The start of the reporting period.

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Balance Sheet Standard report

answer

A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date.

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Memorizing a report

answer

A process in which modified reports are saved for later use.

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Divided by 1000

answer

When selected in the Modify Report window, this check box requires QuickBooks to report amounts in thousands.

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To date

answer

The end of the reporting period.

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QuickZoom

answer

A QuickBooks feature that allows you to view the transaction details underlying amounts in a report.

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Transactions by Account report

answer

A report generated when using QuickZoom.

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Summary Balance Sheet report

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A financial statement reporting in summary form the assets, liabilities, and equities of a business as of a certain date.

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To date

answer

The end of the reporting period.

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Divided by 1000

answer

When selected in the Modify Report window, this check box requires QuickBooks to report amounts in thousands.

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Previous Period % Change

answer

Adds a sub column to a Profit & Loss report which calculates the relative percentage change in each item from a previous period.

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From date

answer

The beginning of the reporting period.

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Profit & Loss Standard report

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A financial statement reporting the revenues and expenses of a business for a specific accounting period.

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Previous Period $ Change

answer

Adds a sub column to a Profit & Loss report that calculates the amount of change in each item from a previous period.

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Date formats

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A preference option which specifies whether years in date fields are shown as two digits or four digits.

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Quick Zoom

answer

A feature in QuickBooks which allows you to view transaction details which underlie amounts in a report.

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Without Cents

answer

When selected in the Modify Report window, this check box requires QuickBooks to round amounts to the nearest whole dollar.

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% of Income

answer

When selected in the Modify Report window, this check box requires QuickBooks to add a column representing the percentage of each item compared to total revenues.

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From date

answer

The beginning of the reporting period.

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Without Cents

answer

When selected in the Modify Report window, this check box requires QuickBooks to round amounts to the nearest whole dollar.

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QuickZoom

answer

A feature in QuickBooks that allows you to view transaction details which underlie amounts in a report.

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Statement of cash flows

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A financial report describing the change in cash during an accounting period.

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To date

answer

The end of the reporting period.

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Increases in long-term debt

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Included in the financing activities section of the statement of cash flows.

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Classify Cash

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Button selected to correct QuickBooks's method of accounting for changes in accumulated depreciation.

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Increases in equipment

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Included in the investing activities section of the statement of cash flows.

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Net income

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Included in the operating activities section of the statement of cash flows.

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Depreciation expense

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An adjustment to net income in the operating activities section of the statement of cash flows.

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Accounts Payable Aging report

answer

A report which describes how much the company owes to a vendor organized by date due.

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QuickZoom

answer

A feature in QuickBooks that allows you to view transaction details which underlie amounts in a report.

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Invoice

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A document used to bill a customer for goods or services.

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Accounts Receivable Aging Report

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A report that describes how much is owed to a company by customers and is organized by date due.

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Bill payment check

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A document used to remit amounts to vendors for bills received.

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Inventory Valuation Summary report

answer

A report that describes inventory on hand as of a particular date.

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Inventory Valuation Detail report

answer

A report that describes inventory transactions for a particular inventory item over a specified period of time.

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Vendor Balance Detail report

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A report that describes bills received/payments made from/to a particular vendor over a specified period of time.

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Customer Balance Summary report

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A report that describes how much each customer owes a company as of a particular date.

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Vendor Balance Summary report

answer

A report that describes how much each vendor is owed as of a particular date.

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Customer

answer

Anyone who pays you.

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Vendor

answer

Anyone you pay except employees.

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Items

answer

Anything that your company buys, sells, or resells in the course of business.

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EasyStep Interview

answer

This QuickBooks setup process walks you through the setup procedure and helps you tailor QuickBooks to suit your business.

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Service items

answer

Items representing services you sell.

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Inventory part items

answer

Items representing products you sell.

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Trial balance

answer

In traditional accounting, a document that adds up all the debits and credits so that mistakes can be traced if debits don't equal credits.

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Fixed asset

answer

Property used in a productive capacity that will benefit your business for longer than one year.

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Job

answer

An optional way to keep track of larger orders, such as those placed by different departments within the same organization.

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Opening balance

answer

The amount of money in, or the value of, an account as of the start date of your records in QuickBooks.

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Sales Receipt

answer

A source document used to track cash sales, calculate sales tax, and totals.

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Time sheet

answer

This document shows the time spent by one person doing any number of activities for any number of jobs within a seven-day period.

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Purchase Order

answer

A source document that has no effect on financial statements but helps in managing a company's ordering process.

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Customer deposits

answer

Cash received by a company for which a sale cannot be recorded because the product has not been delivered.

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Undeposited Funds account

answer

An account used to record cash receipts not yet deposited to the bank.

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Sales invoice

answer

A source document that includes details about a sale to a customer who owes you money.

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Financing activity

answer

An activity where cash or other resources are obtained from or paid to nontrade creditors, long-term creditors, and/or owners.

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Investing activity

answer

An activity where cash or other resources are applied to non-operating uses such as making long-term productive investments in equipment, buildings, land, equipment, etc.

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Sales on account

answer

Sales to a customer for which the company allows some time for the invoice to be paid.

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Apply credits

answer

Used on invoices to specify how previous payments made by customers should be applied to an invoice.

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Sales invoices

answer

A source document used to record sales on account.

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Loan amortization table

answer

A schedule of the payments, including interest and principal, that are required to pay down a loan.

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Purchases on account

answer

Purchases from a supplier who allows the purchaser some time to pay the bill.

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Sales tax liabilities

answer

Liabilities created when a company sells merchandise and collects sales taxes from a customer.

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Credit terms for customers

answer

Specify the discount, if any, and amount of time that customers have to pay an invoice.

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Electronic transfers

answer

Used to move amounts from one bank account to another.

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Payroll tax liabilities

answer

Liabilities created when payroll taxes are withheld from an employee's paycheck.

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Credit terms from suppliers

answer

Specify the discount, if any, and amount of time that companies have to pay a bill.

Quickbooks Lessons 1-8 Vocabulary Review – Flashcards

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