Intuit Bookkeeping Exam Questions With Solutions 100% Correct
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Course
ASB BOOKKEEPING
Institution
ASB BOOKKEEPING
Intuit Bookkeeping Exam Questions With
Solutions 100% Correct
Four Key Elements of Bookkeeping Ethics Honesty, Objectivity, Confidentiality and
Professionalism
What is DEALER Dividends + Expenses + Assets = Liabilities + Owner's Equity
(beginning) + Revenue
What's is the accounting Equatio...
Intuit Bookkeeping Exam Questions With
Solutions 100% Correct
Four Key Elements of Bookkeeping Ethics Honesty, Objectivity, Confidentiality and
Professionalism
What is DEALER Dividends + Expenses + Assets = Liabilities + Owner's Equity
(beginning) + Revenue
What's is the accounting Equation? Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in
time The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period
balance. The Statement of Equity
Reports the sources and uses of cash by a business The Statement of Cash Flow
, Intuit Bookkeeping Exam Questions With
Solutions 100% Correct
Accounting Cycle 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 Sales Receipt
If customers does not pay at the time of sale you must enter it as a Invoice
Once and customer has paid an invoice it goes to Receive payment
Receive payment and sales receipt are followed by Bank deposit
, Intuit Bookkeeping Exam Questions With
Solutions 100% Correct
Step 4 of The Accounting Cycle: Preparing adjusted entries includes Deferrals, Accruals,
Missing Transactions, and Tax Adjustments
Removing transactions that belong to a different period Deferral
Opposite of deferral. Concern future payments or expenses 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 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. 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 Full Disclosure Principle
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