Computer Accounting Study Set 2

The Balance Sheet shows the accounting equation.

QBO organizes and monitors accounts payable.

When QBO_Student Name purchases and receives inventory, they are:

A report that breaks the analysis into operating, investing, and financing activities is called:

The money a company owes to a supplier or vendor is called:

The account reconciled in Chapter 4 is Accounts Receivable?

Using the Bank Statement, go to the Journal to reconcile checking account activity.

In QBO, an up-to-date record of inventory is maintained and tracked.This is called:

Bills are entered to record an expense or purchase of assets.

The process of bringing the balance of the bank statement and balance of the checking account into agreement is called:

__________ report economic information about the business.

__________ are purchases on account from vendors.

QBO_Student Name receives bank statements at the end of the quarter.

Before you reconcile, the check register balance does not include the bank's service charge.

A product that is purchased from vendors for sale to customers is called a/an:

In Chapter 4, checking Expense and Sales transactions and the October 30^th trial balance is the starting point for your data.

The account distribution for sales of inventory on account is:

When you enter bills for a vendor, Accounts Payable and the vendor are debited.

The account distribution for purchases of inventory on account is:

Use products and services to enter consistent transaction descriptions, prices and rates.