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INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+ & VERIFIED TO PASS
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INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+ & VERIFIED TO PASS
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1 INTUIT BOOKKEEPING EXAM 2024 QUESTIONS ANDCORRECT ANSWERS ALREADY GRADED A+ &
VERIFIED TO PASS
Four Key Elements of Bookkeeping Ethics ...ANSWER...
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Honesty, Objectivity, Confidentiality and Professionalism
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What is DEALER ...ANSWER... Dividends + Expenses + Assets =
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Liabilities + Owner's Equity (beginning) + Revenue
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What's is the accounting Equation? ...ANSWER... Assets =
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Liabilities + Equity
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Profit and Loss statement. Shows the company's revenues and
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expenses during a particular period ...ANSWER... The Income
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Statement
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A financial statement that reports a company's assets, liabilities,
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and equity at a specific point in time ...ANSWER... The Balance
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Sheet
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,2 Reports the changes in company equity, from the opening balance
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to the end of the period balance. ...ANSWER... The Statement of
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Equity
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Reports the sources and uses of cash by a business ...ANSWER...
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The Statement of Cash Flow
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Accounting Cycle ...ANSWER... 1. Analyze and record r rrrrr r r r r
transactions
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2. Post transactions to ledger
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3. Prepare an unadjusted trial balance
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4. Prepare adjusted entries at the end of the period
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5. Prepare adjusted trial balance
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6. Prepare financial statements
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If customers pays at the time of sale you must enter it as a
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...ANSWER... Sales Receipt
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If customers does not pay at the time of sale you must enter it as a
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...ANSWER... Invoice
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Once and customer has paid an invoice it goes to ...ANSWER...
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Receive payment
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, 3
Receive payment and sales receipt are followed by ...ANSWER...
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Bank deposit
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Step 4 of The Accounting Cycle: Preparing adjusted entries
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includes ...ANSWER... Deferrals, Accruals, Missing
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Transactions, and Tax Adjustments
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Removing transactions that belong to a different period
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...ANSWER... Deferral
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Opposite of deferral. Concern future payments or expenses
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...ANSWER... Accruals
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The Business is a separate entity, so the activities of a business must
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be kept separate from any other financial activities of its business
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owners ...ANSWER... Economic Entity Assumption
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Only transactions that can be proven should be recorded in
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accounting practices. And what this means is that businesses must
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be able to prove transactions through such things as receipts,
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billing statements, invoices, and bank statements. ...ANSWER...
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Reliability Assumption
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