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Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Tested Exam Questions Reviewed And Revised With Correct Answers Already Passed!! $12.99
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Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Tested Exam Questions Reviewed And Revised With Correct Answers Already Passed!!
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Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Tested Exam Questions Reviewed And Revised With Correct Answers Already Passed!! 1) General Journal - ANSWER organized chronologically A list of transactions 2) Posting to the Ledger - ANSWER transfer trans...

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  • September 18, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • intuit academy bookkeeping professional
  • intuit academy bookkeeping professional certifica
  • professional certificate bookkeeping

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  • Certified Bookkeeping Professional
  • Certified Bookkeeping Professional

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Intuit Academy Bookkeeping
Professional Certificate:
Bookkeeping Tested Exam
Questions Reviewed And Revised
With Correct Answers
Already Passed!!

1) General Journal - ANSWER A list of transactions
organized chronologically


2) Posting to the Ledger - ANSWER transfer transactions
entered in the journal to the general ledger and categorize
transactions by account


3) Accounting Cycle - ANSWER a collective process of
identifying, analyzing, and recording the accounting events of a
company


4) Steps in the Accounting Cycle - ANSWER 1. Collect,
analyze, and post transactions to the Journal

,2. Post transactions to the ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusting entries at period end
5. Prepare an adjusted trial balance
6. Prepare financial statements


5) Accounting adjustments - ANSWER A business
transaction that has not yet been included in the accounting
records.
I.E Deferrals, depreciation, and accruals


6) Income statement (profit and loss statement) - ANSWER
A type of financial statement that describes a firm's revenues
and expenses and indicates whether the firm has earned a
profit or suffered a loss during a given period.


7) Balance Sheet - ANSWER A financial statement that
reports assets, liabilities, and owner's equity on a specific date.


8) Statement of Equity - ANSWER Reports changes in
company equity from beginning to period end

, 9) Cash Flow Statement - ANSWER Reports the sources and
uses of cash by a business


10)1 Undeposited Funds - ANSWER a temporary account
that holds payments you plan to deposit later


11) Credit Memo - ANSWER Payment for a cancelled
service gets applied to the clients next job


12) Gross Profit - ANSWER Revenue - cost of goods sold


13) Operating Profit - ANSWER Gross Profit - Expenses


14) Net Income - ANSWER Operating Profit + Other income
- taxes - other expenses


15) Economic Entity Assumption - ANSWER Business and
owner are separate entities. Business and personal finance
must be separate.

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