Questions(Accounting)

You may use the textbook, QuickBooks Help, or any other resource including the internet. I would prefer the brief definitions to be in your own words, but if you use exact wording from any source, you must include footnotes telling me where you got the information you’re quoting. Provide brief definitions of the following terms (also provide examples, forms, accounts, etc., as indicated for many of the terms):

1. Chart of Accounts 

2. Accounts Payable 

3. Accounts Receivable

4. Assets (also list 3 examples of asset accounts)

5. Liabilities (also list 3 examples of liability accounts)

6. Owner’s Equity 

7. Accounting Equation

8. Cash Basis Accounting 

9. Accrual Basis Accounting 

10. Sale on Account (also tell me which business document, not account, is used to record this in QuickBooks)

11. Cash Sale (also tell me which business document, not account, is used to record this in QuickBooks) 

12. Purchase on Account (also tell me which business document, not account, is used to record this in QuickBooks) 

13. Cash Purchase (also tell me which business document, not account, is used to record this in QuickBooks) 

14. Current Expense (also tell me whether this is recorded in an asset or expense account) 

15. Prepaid Expense (also tell me whether this is recorded in an asset or expense account) 

16. Cash Flow Forecast (also explain how you prepare this report in QuickBooks)

17. Statement of Cash Flows (also explain how you prepare this report in QuickBooks) 

18. Trial Balance (also explain how you prepare this report in QuickBooks) 

19. Journal Report (also explain how you prepare this report in QuickBooks)

20. Profit and Loss Statement (also explain how you prepare this report in QuickBooks)

21. Balance Sheet Report (also explain how you prepare this report in QuickBooks)