Exam (elaborations)

Intuit Bookkeeping Professional Certificate Exam Questions With Revised Correct Answers Updated

0 purchase

Course
INTUIT BOOKKEEPING

Institution
INTUIT BOOKKEEPING

[Show more]

Preview 3 out of 18 pages

View example

Uploaded on September 8, 2024
Number of pages 18
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

bookkeeping professional
intuit bookkeeping professional certificate exam
intuit bookkeeping professional certificate
intuit bookkeeping professional

Institution INTUIT BOOKKEEPING
Course INTUIT BOOKKEEPING

EWLindy Member since 2 year 541 documents sold

$12.99

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

Intuit Bookkeeping Professional
Certificate Exam Questions With
Revised Correct Answers
Updated

States that an amount can be ignored if its effect on the
financial 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 Assumption

, 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 convert 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. Examples 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 Receivable - 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)

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 EWLindy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Seller

Exam (elaborations) ·

Exam (elaborations)

Intuit Bookkeeping Professional Certificate Exam Questions With Revised Correct Answers Updated

Document information

Subjects

Written for