LATEST INTUIT BOOKKEEPING EXAM
QUESTIONS AND CORRECT ANSWERS
2024
Four 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
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
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 - Correct 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 - Correct Answer Monetary Unit Assumption
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