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INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS
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INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS
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Intuit Bookkeeping Exam Questions and A0 0 0 0 0
nswers
Four0Key0Elements0of0Bookkeeping0Ethics0-0Answer0-
Honesty,0Objectivity,0Confidentiality0and0Professionalism
What0is0DEALER0-0Answer0-
Dividends0+0Expenses0+0Assets0=0Liabilities0+0Owner's0Equity0(beginning)0+0Revenue
What's0is0the0accounting0Equation?0-0Answer0-Assets0=0Liabilities0+0Equity
Profit0and0Loss0statement.0Shows0the0company's0revenues0and0expenses0during0a0parti
cular0period0-0Answer0-The0Income0Statement
A0financial0statement0that0reports0a0company's0assets,0liabilities,0and0equity0at0a0specific0
point0in0time0-0Answer0-The0Balance0Sheet
Reports0the0changes0in0company0equity,0from0the0opening0balance0to0the0end0of0the0peri
od0balance.0-0Answer0-The0Statement0of0Equity
Reports0the0sources0and0uses0of0cash0by0a0business0-0Answer0-
The0Statement0of0Cash0Flow
Accounting0Cycle0-0Answer0-1.0Analyze0and0record0transactions
2.0Post0transactions0to0ledger
3.0Prepare0an0unadjusted0trial0balance
4.0Prepare0adjusted0entries0at0the0end0of0the0period
5.0Prepare0adjusted0trial0balance
6.0Prepare0financial0statements
If0customers0pays0at0the0time0of0sale0you0must0enter0it0as0a0-0Answer0-Sales0Receipt
If0customers0does0not0pay0at0the0time0of0sale0you0must0enter0it0as0a0-0Answer0-Invoice
Once0and0customer0has0paid0an0invoice0it0goes0to0-0Answer0-Receive0payment
Receive0payment0and0sales0receipt0are0followed0by0-0Answer0-Bank0deposit
, Step040of0The0Accounting0Cycle:0Preparing0adjusted0entries0includes0-0Answer0-
Deferrals,0Accruals,0Missing0Transactions,0and0Tax0Adjustments
Removing0transactions0that0belong0to0a0different0period0-0Answer0-Deferral
Opposite0of0deferral.0Concern0future0payments0or0expenses0-0Answer0-Accruals
The0Business0is0a0separate0entity,0so0the0activities0of0a0business0must0be0kept0separate0
from0any0other0financial0activities0of0its0business0owners0-0Answer0-
Economic0Entity0Assumption
Only0transactions0that0can0be0proven0should0be0recorded0in0accounting0practices.0And0w
hat0this0means0is0that0businesses0must0be0able0to0prove0transactions0through0such0thing
s0as0receipts,0billing0statements,0invoices,0and0bank0statements.0-0Answer0-
Reliability0Assumption
All0info0that0is0relative0to0the0business0and0is0important0to0a0lender0or0investor0has0to0be0
disclosed0in0financial0statements0or0in0the0notes0of0the0statements0-0Answer0-
Full0Disclosure0Principle
When0choosing0between0two0solutions,0the0one0that0will0be0least0likely0to0overstate0asset
s0and0income0should0be0selected.0-0Answer0-Conservatism0Assumption
States0that0an0amount0can0be0ignored0if0its0effect0on0the0financial0statements0is0small0an
d0not0misleading0-0Answer0-Materiality0Principle
Once0you0adopt0an0accounting0principle0or0method,0continue0to0follow0it0consistently0in0f
uture0accounting0periods0so0that0the0results0reported0from0period0to0period0are0compara
ble0-0Answer0-Consistency0Principle
One0currency0is0used0throughout0all0accounting0activities.0In0the0US0the0dollar0is0the0curr
ency0used0in0accounting.0When0this0currency0is0used,0inflation0is0not0a0consideration0in0r
ecording0finances0-0Answer0-Monetary0Unit0Assumption
Refers0to0a0business0that0is0stable0enough0to0operate0and0meet0its0obligation0for0the0futu
re0-0Answer0-Going0Concern0Assumption
Revenue0is0recognized0when0payment0is0received0and0expenses0are0recognized0when0p
aid0out0-0Answer0-Cash-Basis0Account0Method
Revenues0are0reported0when0they0are0earned0and0expenses0are0reported0when0they0are
0incurred0-0Answer0-Accrual0Method0of0Accounting
A0combo0of0cash-basis0and0accrual0methods0-0Answer0-Hybrid0Accounting
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