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(solution) "Quick Books records revenue when an invoice is generated even


"Quick Books records revenue when an invoice is generated even though cash has not been received." Is this practice acceptable? Why or why not?

Yes, it is appropriate because of GAAP. When one enter an invoice revenue is recognized right then and there in the cash basis system, the revenue is not recognized until payment is received in spite of an invoice was sent.

What are noncash investing and financing activities, and how are they recorded in QuickBooks?

Non cash investing and financing activities are those activities on which cash is not incurred at all. In this some other assets and equities are utilized for investment purchase.

For example purchase of machinery in exchange of stocks, issuing of shares for machine, or issuance of shares to purchase land etc.

They are recorded in the chart section of the company tab -

double click on the account like furniture ot machine etc.

Then type the date, then record it as per the entry.

For the above questions my Instructor asked me this question:


Explain the reason the invoice is generated.

 


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