, 10/16/24, 6:20 PM INTUIT BOOKKEEPING EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 150 QUESTIONS AND CORRECT DETAILED ANS…
1. Analyze and record transactions
2. Post transactions to ledger
3. Prepare an unadjusted trial balance
Accounting Cycle
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
If customers pays at the Sales Receipt
time of sale you must
enter it as a
If customers does not pay Invoice
at the time of sale you
must enter it as a
Once and customer has Receive payment
paid an invoice it goes to
Receive payment and Bank deposit
sales receipt are followed
by
Step 4 of The Accounting Deferrals, Accruals, Missing Transactions, and Tax
Cycle: Preparing adjusted Adjustments
entries includes
Removing transactions Deferral
that belong to a different
period
Opposite of deferral. Accruals
Concern future payments
or expenses
The Business is a separate Economic Entity Assumption
entity, so the activities of a
business must be kept
separate from any other
financial activities of its
business owners
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