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Quickbooks Learning

In: Business and Management

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A QUICKBOOKS ACCOUNTING PRIMER
By Jeanie R. Hoshor, M.S. Accounting

Introduction

Businesses run on information: information about the purchase of goods and services from their vendors, about the sale of goods and services to their customers, about their inventories of products, about their employees and the services they perform and the wages they earn, about all the things (cash, buildings, equipment, patents, supplies, etc.) they use to carry on their operations and activities. Most of this information deals with things that have a value that can be measured in dollars and cents; this is financial information. This course (OAS 120) and your textbook deal with the keeping of financial (accounting) records, using a software package for personal computers called QuickBooks (QB).

CHAPTER 1: BASIC CONCEPTS IN ACCOUNTING

The Two Main Financial Statements

The two main end products of accounting are the two financial statements which are presented to investors and creditors outside the business: the Balance Sheet and the Income Statement (which QB calls Profit & Loss). All the other reports you prepare in this course are for internal use by accountants and managers.

The Profit & Loss report shows the revenues (QB calls them income) the business earned by performing services or delivering goods to customers during a given period of time, together with the expenses incurred (what was used up) in the process of earning the revenues. Revenues and expenses are both part of owner equity, because the owner is responsible for whatever the business does. Revenues increase the owner’s equity and expenses decrease it; the owner hopes for a net increase in his equity (called a Net Income) but may suffer a net loss from the operation of the business during the period.

The Balance Sheet shows, as of a given point in time, the company’s assets and the…...

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