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Intuit Bookkeeping Exam Update 2024 Questions and Correct Answers Rated A+
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Intuit Bookkeeping Exam Update 2024 Questions and Correct Answers Rated A+
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Intuit Bookkeeping Exam.pdf file:///C:/Users/HP/Desktop/pppppp/Intuit%20Bookkeeping%20ExamIntuit Bookkeeping Exam
1. Four Key Elements of Bookkeeping Ethics
ANS Honesty, Objectivity, Confidential- ity and Professionalism
2. What is DEALER
ANS Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) + Revenue
3. What's is the accounting Equation?
ANS Assets = Liabilities + Equity
4. Profit and Loss statement. Shows the company's revenues and expenses during a
particular period
ANS The Income Statement
5. A financial statement that reports a company's assets, liabilities, and equity at a specific
point in time
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ANS The Balance Sheet
6. Reports the changes in company equity, from the opening balance to the end of the
period balance.
ANS The Statement of Equity
7. Reports the sources and uses of cash by a business
ANS The Statement of Cash Flow
8. Accounting Cycle
ANS 1. Analyze and record transactions
2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
9. If customers pays at the time of sale you must enter it as a
ANS Sales Receipt
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10. If customers does not pay at the time of sale you must enter it as a
ANS Invoice
11. Once and customer has paid an invoice it goes to
ANS Receive payment
12. Receive payment and sales receipt are followed by
ANS Bank deposit
13. Step 4 of The Accounting Cycle Preparing adjusted entries includes
ANS De- ferrals, Accruals, Missing Transactions, and Tax Adjustments
14. Removing transactions that belong to a different period
ANS Deferral
15. Opposite of deferral. Concern future payments or expenses
ANS Accruals
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