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Intuit Bookkeeping Exam 2024 Questions and Correct Answers Rated A+
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Intuit Bookkeeping Exam 2024 Questions and Correct Answers Rated A+
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Intuit Bookkeeping Exam-.pdf file:///C:/Users/HP/Desktop/pppppp/Intuit%20Bookkeeping%20Exam-Intuit 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 equityat
a specific point in time
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
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7. Reports the sources and uses of cash by a business
ANS The Statement of CashFlow
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
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
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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
16. The Business is a separate entity, so the activities of a business must bekept
separate from any other financial activities of its business owners
ANS Eco-nomic Entity Assumption
17. Only transactions that can be proven should be recorded in accounting
practices. And what this means is that businesses must be able to prove
transactions through such things as receipts, billing statements, invoices, and
bank statements.
ANS Reliability Assumption
18. All info that is relative to the business and is important to a lender or
investor has to be disclosed in financial statements or in the notes of the
statements
ANS Full Disclosure Principle
19. When choosing between two solutions, the one that will be least likely to
overstate assets and income should be selected.
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