Quickbooks Chapter 6

  1. Accrual Basis of Accounting
    An accounting method that requires the recording of revenue when it is earned and the recording of expenses when they are incurred regardless of cash receipts or cash payments
  2. Cash Basis of Accounting
    An accounting method that records revenue when cash is received for services provided or for a product sold, and records expenses only when payments have been made.
  3. Reversing Entries
    Entries recorded in the general journal to offset a balance in an account.
Author
davecowman
ID
300879
Card Set
Quickbooks Chapter 6
Description
New Company Setup
Updated