Cash basis will only report income and expenses as they are paid.Ĥ.Only in Accrual basis, you will have accounts payable, accounts receivable, prepaid expense asset and customer deposit liabilities when there is a difference the time the transaction happens and the time that the actual payment is made. Accrual represents financial transactions and activities as they occur, such as rent expenses that always exists every month and are recorded whether they are paid or not.What is the difference between accrual and cash basis? Profit & loss (or income statement) and the balance sheetģ.What are the two primary Reports in QuickBooks (financial statements)? Some accounts carry balances such as accounts receivable and accounts payable some accounts report information over a period of time, such as income and expenses.Ģ. Accounts: categories in which financial transactions are organized into reports, such as profit & loss and balance sheet.They are used on transactions such as invoices and purchase orders. Items: products and services that you sell.What are the differences between ITEMS and ACCOUNTS? We,, offer a 2-day certificate program in Davie,FL using practical examples on the usage of QuickBooks and additionally test our students, the following are sample questions and answers from our Certificate Program exam:ġ. More info about other QuickBooks Certifications here. From our QuickBooks Training Class in South Florida, we offer a certificate of completion to our students, not to be confused with Intuit’s official QuickBooks Certified ProAdvisor and QuickBooks Certified User which are separate membership programs and examination programs that are sponsored by Intuit Inc.

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