Exam (elaborations)
Intuit Bookkeeping Exam questions and answers rated A+
- Course
- Institution
Intuit Bookkeeping Exam questions and answers rated A+
[Show more]
Content preview
Intuit Bookkeeping ExamFour Key Elements of Bookkeeping Ethics - correct answer ✔✔Honesty, Objectivity, Confidentiality and
Professionalism
What is DEALER - correct answer ✔✔Dividends + Expenses + Assets = Liabilities + Owner's Equity
(beginning) + Revenue
What's is the accounting Equation? - correct answer ✔✔Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular period -
correct answer ✔✔The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in time -
correct answer ✔✔The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period balance. -
correct answer ✔✔The Statement of Equity
Reports the sources and uses of cash by a business - correct answer ✔✔The Statement of Cash Flow
Accounting Cycle - correct answer ✔✔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 answer ✔✔Sales Receipt
, If customers does not pay at the time of sale you must enter it as a - correct answer ✔✔Invoice
Once and customer has paid an invoice it goes to - correct answer ✔✔Receive payment
Receive payment and sales receipt are followed by - correct answer ✔✔Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes - correct answer ✔✔Deferrals,
Accruals, Missing Transactions, and Tax Adjustments
Removing transactions that belong to a different period - correct answer ✔✔Deferral
Opposite of deferral. Concern future payments or expenses - correct answer ✔✔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 answer ✔✔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 answer ✔✔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 answer ✔✔Full Disclosure Principle
When choosing between two solutions, the one that will be least likely to overstate assets and income
should be selected. - correct answer ✔✔Conservatism Assumption
States that an amount can be ignored if its effect on the financial statements is small and not misleading
- correct answer ✔✔Materiality Principle
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now