100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS. $14.99   Add to cart

Exam (elaborations)

INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS.

 6 views  0 purchase
  • Course
  • INTUIT BOOKKEEPING
  • Institution
  • INTUIT BOOKKEEPING

INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS. INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS. INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS. INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS. INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORR...

[Show more]

Preview 2 out of 9  pages

  • September 1, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • INTUIT BOOKKEEPING
  • INTUIT BOOKKEEPING
avatar-seller
Wisdoms
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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Wisdoms. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78998 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$14.99
  • (0)
  Add to cart