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INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS.

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  • September 1, 2024
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  • INTUIT BOOKKEEPING
  • INTUIT BOOKKEEPING
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INTUIT BOOKKEEPING EXAM 2024
QUESTIONS AND CORRECT ANSWERS




Four Key Elements of Bookkeeping Ethics - correct Answers ✔✔ -Honesty,
Objectivity, Confidentiality and Professionalism

What is DEALER - correct Answers ✔✔ -Dividends + Expenses + Assets =
Liabilities + Owner's Equity (beginning) + Revenue

What's is the accounting Equation? - correct Answers ✔✔ -Assets =
Liabilities + Equity

Profit and Loss statement. Shows the company's revenues and expenses
during a particular period - correct Answers ✔✔ -The Income Statement

A financial statement that reports a company's assets, liabilities, and
equity at a specific point in time - correct Answers ✔✔ -The Balance Sheet

Reports the changes in company equity, from the opening balance to the
end of the period balance. - correct Answers ✔✔ -The Statement of Equity

Reports the sources and uses of cash by a business - correct Answers ✔✔
-The Statement of Cash Flow

Accounting Cycle - correct Answers ✔✔ -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

If customers pays at the time of sale you must enter it as a - correct
Answers ✔✔ -Sales Receipt

, If customers does not pay at the time of sale you must enter it as a -
correct Answers ✔✔ -Invoice

Once and customer has paid an invoice it goes to - correct Answers ✔✔ -
Receive payment

Receive payment and sales receipt are followed by - correct Answers ✔✔ -
Bank deposit

Step 4 of The Accounting Cycle: Preparing adjusted entries includes -
correct Answers ✔✔ -Deferrals, Accruals, Missing Transactions, and Tax
Adjustments

Removing transactions that belong to a different period - correct Answers
✔✔ -Deferral

Opposite of deferral. Concern future payments or expenses - correct
Answers ✔✔ -Accruals

The Business is a separate entity, so the activities of a business must be
kept separate from any other financial activities of its business owners -
correct Answers ✔✔ -Economic Entity Assumption

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. - correct Answers ✔✔ -Reliability Assumption

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 - correct Answers ✔✔ -Full Disclosure Principle

When choosing between two solutions, the one that will be least likely to
overstate assets and income should be selected. - correct Answers ✔✔ -
Conservatism Assumption

States that an amount can be ignored if its effect on the financial
statements is small and not misleading - correct Answers ✔✔ -Materiality
Principle

Once you adopt an accounting principle or method, continue to follow it
consistently in future accounting periods so that the results reported from

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