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INTUIT ACADEMY BOOKKEEPING EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+ $17.99
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INTUIT ACADEMY BOOKKEEPING EXAM
2024 ACTUAL EXAM COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
A bad debt is charged to expense as soon as it is
apparent that an invoice will not be paid. This is
easier for business owners. - ....ANSWER...Direct
Write-Off Method
An estimate of the future amount of bad debt is
charged to a reserve account as soon as a sale is
made. This is more accurate but complex -
....ANSWER...Allowance Method
A contra-asset account that has a natural credit
balance. Balances decrease with debits and increase
with credits - ....ANSWER...Accumulated Depreciation
Account
,An expense account on the income statement
showing the cost of merchandise to the business -
....ANSWER...Cost of Goods Sold (COGS)
An inventory system that continuously update the
inventory account - ....ANSWER...Perpetual
An inventory system that updates the inventory
account only at specified intervals -
....ANSWER...Periodic
Inventory Cost Flows - ....ANSWER...FIFO, LIFO, and
Average Cost
First-In, First-Out (FIFO) - ....ANSWER...Method to
assign cost to inventory that assumes items are sold
in the order acquired; earliest items purchased are
the first sold.
Last in, First out (LIFO) - ....ANSWER...Method to
assign cost to inventory that assumes costs for the
most recent items purchased are sold first and
charged to cost of goods sold.
,Average Cost - ....ANSWER...All items in the
inventory are priced at their average cost
Closing Inventory - ....ANSWER...Closing
Inventory=Cost of Goods Available- COGS
COGS equation - ....ANSWER...BI(Beginning
Inventory) + COGP (Cost of Goods Purchased) - EI
(Ending Inventory) = COGS
Details the error and corrections you made to the
income statement and balance sheet -
....ANSWER...Disclosure
PP&E (Plants, Property, and Equipment),
Trademarks, and long-term investments -
....ANSWER...Non-Current Assets
The same amount of depreciation expense is
recorded each accounting period, during an asset's
, servicing life - ....ANSWER...Straight-Line
Depreciation
The asset is used more earlier in its life so you
would depreciate more in year 2 than year 4 -
....ANSWER...Accelerated Depreciation
Table that shows the depreciation amount over the
span of he asset's life - ....ANSWER...Depreciation
Schedule
A kind of lease in which transfer of ownership of the
asset is not intended - ....ANSWER...Operating Lease
A kind of lease in which transfer of ownership of the
asset is intended at the end of the lease -
....ANSWER...Capital Lease
A company's liabilities that will come due within 1
year - ....ANSWER...Current Liabilities
Accounts Payable - ....ANSWER...money owed by a
company to its creditors.
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