Intuit Bookkeeping Exam Update 2024 -
2025 | Intuit Bookkeeping Professional Certificate Exam 2024 -2025 Questions and Correct Answers Rated A+ Four Key Elements of Bookkeeping Ethics - ANSWER -Honesty, Objectivity, Confidentiality and Professionalism What is DEALER - ANSWER -Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) + Revenue What's is the accounting Equation? - ANSWER -Assets = Liabilities + Equity Profit and Loss statement. Shows the company's revenues and expenses during a particular period - ANSWER -The Income Statement A financial statement that reports a company's assets, liabilities, and equity at a specific point in time - ANSWER -The Balance Sheet Reports the changes in company equity, from the opening balance to the end of the period balance. - ANSWER -The Statement of Equity Reports the sources and uses of cash by a b usiness - ANSWER -The Statement of Cash Flow Accounting Cycle - 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 b alance 6. Prepare financial statements If customers pays at the time of sale you must enter it as a - ANSWER -Sales Receipt If customers does not pay at the time of sale you must enter it as a - ANSWER -Invoice Once and customer has paid an invoice it goe s to - ANSWER -Receive payment Receive payment and sales receipt are followed by - ANSWER -Bank deposit Step 4 of The Accounting Cycle: Preparing adjusted entries includes - ANSWER -
Deferrals, Accruals, Missing Transactions, and Tax Adjustments Removing transactions that belong to a different period - ANSWER -Deferral Opposite of deferral. Concern future payments or expenses - 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 - 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. - 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 statement s - ANSWER -Full Disclosure Principle When choosing between two solutions, the one that will be least likely to overstate assets and income should be selected. - ANSWER -Conservatism Assumption States that an amount can be ignored if its effect on the fina ncial statements is small and not misleading - ANSWER -Materiality Principle Once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods so that the results reported from period to period are comparable - ANSWER -Consistency Principle One currency is used throughout all accounting activities. In the US the dollar is the currency used in accounting. When this currency is used, inflation is not a consideration in recording finances - ANSWER -Monetary Unit A ssumption Refers to a business that is stable enough to operate and meet its obligation for the future - ANSWER -Going Concern Assumption Revenue is recognized when payment is received and expenses are recognized when paid out - ANSWER -Cash -Basis Account Method Revenues are reported when they are earned and expenses are reported when they are incurred - ANSWER -Accrual Method of Accounting A combo of cash -basis and accrual methods - ANSWER -Hybrid Accounting Things your company owns that you can easily co nvert to cash and expect to do so within the next 12 months - ANSWER -Currents Assets Things your company owns that you expect to have for more than 12 months - ANSWER -Long -term Assets The total you get when adding all current assets and all long -term assets. This should equal Total Liabilities+Toal Equity - ANSWER -Total Assets A physical asset, such as inventory, vehicle, or a building - ANSWER -Tangible Asset Not a physical asset. Exa mples would be a copyright, patent, or brand recoginition - ANSWER -Intangible Asset A signed document containing a written promise to pay a stated sum to a specified person or bearer at a specified ate or on -demand - ANSWER -Promissory Note Notes Receivab le - ANSWER -A current or non -current asset Notes Payable - ANSWER -A current or non -current liability Interest Equation - ANSWER -Principle x Interest (mulitply by 30/365 to find day) Receivables, loans, or other debits that have virtually no chance of be ing paid - ANSWER -Accounts Uncollectible An expense that a business incurs once the repayment of credit previously extended to a customer is estimated to be uncollectible - ANSWER -Bad Debt A bad debt is charged to expense as soon as it is apparent that a n 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 M ethod 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
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