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Intuit Bookkeeping Professional Certificate Exam Questions With Revised Correct Answers Updated $12.99   Add to cart

Exam (elaborations)

Intuit Bookkeeping Professional Certificate Exam Questions With Revised Correct Answers Updated

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  • Course
  • INTUIT BOOKKEEPING
  • Institution
  • INTUIT BOOKKEEPING

Intuit Bookkeeping Professional Certificate Exam Questions With Revised Correct Answers Updated States that an amount can be ignored if its effect on the financial statements is small and not misleading - ANSWER Materiality Principle Once you adopt an accounting principle or metho...

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  • September 8, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • bookkeeping professional
  • INTUIT BOOKKEEPING
  • INTUIT BOOKKEEPING
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EWLindy
Intuit Bookkeeping Professional
Certificate Exam Questions With
Revised Correct Answers
Updated



States that an amount can be ignored if its effect on the
financial statements is small and not misleading - ANSWER
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 period to period are comparable -
ANSWER Consistency Principle


One currency is used throughout all accounting activities. In
the US the dollar is the currency used in accounting. When this
currency is used, inflation is not a consideration in recording
finances - ANSWER Monetary Unit Assumption

, Refers to a business that is stable enough to operate and meet
its obligation for the future - ANSWER Going Concern
Assumption


Revenue is recognized when payment is received and expenses
are recognized when paid out - ANSWER Cash-Basis
Account Method


Revenues are reported when they are earned and expenses
are reported when they are incurred - ANSWER Accrual
Method of Accounting


A combo of cash-basis and accrual methods - ANSWER
Hybrid Accounting


Things your company owns that you can easily convert to cash
and expect to do so within the next 12 months - ANSWER
Currents Assets


Things your company owns that you expect to have for more
than 12 months - ANSWER Long-term Assets

, The total you get when adding all current assets and all long-
term assets. This should equal Total Liabilities+Toal Equity -
ANSWER Total Assets


A physical asset, such as inventory, vehicle, or a building -
ANSWER Tangible Asset


Not a physical asset. Examples would be a copyright, patent, or
brand recoginition - ANSWER Intangible Asset


A signed document containing a written promise to pay a
stated sum to a specified person or bearer at a specified ate or
on-demand - ANSWER Promissory Note


Notes Receivable - ANSWER A current or non-current asset


Notes Payable - ANSWER A current or non-current liability


Interest Equation - ANSWER Principle x Interest (mulitply
by 30/365 to find day)

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