100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Intuit Bookkeeping Exam with Answers $9.99   Add to cart

Exam (elaborations)

Intuit Bookkeeping Exam with Answers

 2 views  0 purchase
  • Course
  • Intuit Bookkeeping
  • Institution
  • Intuit Bookkeeping

Intuit Bookkeeping Exam with Answers 1. Four Key Elements of Bookkeeping Ethics Honesty, Objectiv- ity, Confidentiality and Professional- ism 2. What is DEALER Dividends + Ex- penses + Assets = Liabilities + Owner's Equity (beginning) + Revenue 3. What's is the accounting Equation? Assets...

[Show more]

Preview 2 out of 12  pages

  • September 15, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Intuit Bookkeeping
  • Intuit Bookkeeping
avatar-seller
MERCYTRISHIA
Intuit Bookkeeping Exam with Answers
1. Four Key Elements of Bookkeeping Ethics Honesty, Objectiv-
ity, Confidentiality
and Professional-
ism

2. What is DEALER Dividends + Ex-
penses + Assets =
Liabilities + Owner's
Equity (beginning) +
Revenue

3. What's is the accounting Equation? Assets = Liabilities
+ Equity

4. Profit and Loss statement. Shows the company's The Income State-
revenues and expenses during a particular period ment

5. A financial statement that reports a company's as- The Balance Sheet
sets, liabilities, and equity at a specific point in time

6. Reports the changes in company equity, from the The Statement of
opening balance to the end of the period balance. Equity

7. Reports the sources and uses of cash by a business The Statement of
Cash Flow

8. Accounting Cycle 1. Analyze and
record transactions
2. Post
transactions to
ledger
3. Prepare an unad-
justed trial balance
4. Prepare adjusted
entries at the end of
the period
5. Prepare adjusted
trial balance
6. Prepare financial
statements


, Intuit Bookkeeping Exam with Answers
9. If customers pays at the time of sale you must enter Sales Receipt
it as a

10. If customers does not pay at the time of sale you Invoice
must enter it as a

11. Once and customer has paid an invoice it goes to Receive payment

12. Receive payment and sales receipt are followed by Bank deposit

13. Step 4 of The Accounting Cycle: Preparing adjusted Deferrals, Accru-
entries includes als, Missing Trans-
actions, and Tax Ad-
justments

14. Removing transactions that belong to a different Deferral
period

15. Opposite of deferral. Concern future payments or Accruals
expenses

16. The Business is a separate entity, so the activities Economic Entity As-
of a business must be kept separate from any other sumption
financial activities of its business owners

17. Only transactions that can be proven should be Reliability Assump-
recorded in accounting practices. And what this tion
means is that businesses must be able to prove
transactions through such things as receipts,
billing statements, invoices, and bank statements.

18. All info that is relative to the business and is impor- Full Disclosure Prin-
tant to a lender or investor has to be disclosed in fi- ciple
nancial statements or in the notes of the statements

19. When choosing between two solutions, the one that Conservatism As-
will be least likely to overstate assets and income sumption
should be selected.

20. Materiality Principle

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 MERCYTRISHIA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 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
$9.99
  • (0)
  Add to cart