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Intuit Bookkeeping Exam Questions with Verified Solutions What is a financial statement analysis? Financial statement analysis involves evaluating a company's financial statements to assess its performance, profitability, and financial health. How is a purchase order used in bookkeeping...

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  • September 15, 2024
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Intuit Bookkeeping Exam Questions with
Verified Solutions

What is a financial statement analysis?


✔✔ Financial statement analysis involves evaluating a company's financial statements to assess

its performance, profitability, and financial health.




How is a purchase order used in bookkeeping?


✔✔ A purchase order is used to document and authorize a purchase of goods or services, serving

as a record for tracking and reconciling vendor invoices.




What is the purpose of a payroll register?


✔✔ A payroll register records all payroll-related transactions, including employee wages,

deductions, and net pay, to ensure accurate compensation and tax reporting.




What is the role of internal controls in bookkeeping?


✔✔ Internal controls are procedures and policies implemented to safeguard assets, ensure

accuracy of financial records, and prevent fraud.




1

,How do you handle a sales return in bookkeeping?


✔✔ A sales return is recorded as a reduction in revenue and accounts receivable, adjusting

inventory and reflecting the return of goods to the company.




What is the purpose of an accounts reconciliation process?


✔✔ Accounts reconciliation ensures that the company’s financial records match external

records, such as bank statements, to verify accuracy and correct any discrepancies.




What is the difference between capital expenditures and operating expenses?


✔✔ Capital expenditures are investments in long-term assets like equipment or property, while

operating expenses are costs incurred in the day-to-day operations of the business.




How do you record interest income in bookkeeping?


✔✔ Interest income is recorded as revenue and credited to an interest income account, reflecting

earnings from investments or savings.




What is the significance of maintaining a petty cash log?


✔✔ Maintaining a petty cash log tracks small, frequent transactions made from the petty cash

fund, ensuring proper management and reconciliation.

2

, What does "closing entries" refer to in bookkeeping?


✔✔ Closing entries are made at the end of an accounting period to transfer temporary account

balances (like revenues and expenses) to permanent accounts (like retained earnings), preparing

the accounts for the next period.




What is the function of an expense ledger?


✔✔ An expense ledger records all expenses incurred by the business, categorized by type, to

track spending and manage budgets.




How do accruals differ from deferrals in bookkeeping?


✔✔ Accruals involve recording revenues and expenses when they occur, regardless of cash flow,

while deferrals postpone recognition of revenue or expenses until a future period.




What is a subsidiary ledger?


✔✔ A subsidiary ledger provides detailed information about individual transactions for a

specific account, such as accounts receivable or accounts payable.




What is the role of a trial balance in preparing financial statements?


3

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