Intuit Bookkeeping Exam Update | Intuit Bookkeeping
Professional Certificate Exam Questions and Correct
Answers Rated A+
Four Key Elements of Bookkeeping Ethics - correct Answers ✔✔ -Honesty, Objectivity,
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Confidentiality and Professionalism
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What is DEALER - correct Answers ✔✔ -Dividends + Expenses + Assets = Liabilities +
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Owner's Equity (beginning) + Revenue
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What's is the accounting Equation? - correct Answers ✔✔ -Assets = Liabilities + Equity
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Profit and Loss statement. Shows the company's revenues and expenses during a
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particular period - correct Answers ✔✔ -The Income Statement
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A financial statement that reports a company's assets, liabilities, and equity at a specific
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point in time - correct Answers ✔✔ -The Balance Sheet
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Reports the changes in company equity, from the opening balance to the end of the
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period balance. - correct Answers ✔✔ -The Statement of Equity
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Reports the sources and uses of cash by a business - correct Answers ✔✔ -The
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Statement of Cash Flow
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Accounting Cycle - correct Answers ✔✔ -1. Analyze and record transactions
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2. Post transactions to ledger
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3. Prepare an unadjusted trial balance
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4. Prepare adjusted entries at the end of the period
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5. Prepare adjusted trial balance
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6. Prepare financial statements
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If customers pays at the time of sale you must enter it as a - correct Answers ✔✔ -
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Sales Receipt ih
If customers does not pay at the time of sale you must enter it as a - correct Answers ✔
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✔ -Invoice ih
, Once and customer has paid an invoice it goes to - correct Answers ✔✔ -Receive
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payment
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Receive payment and sales receipt are followed by - correct Answers ✔✔ -Bank
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deposit
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Step 4 of The Accounting Cycle: Preparing adjusted entries includes - correct Answers
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✔✔ -Deferrals, Accruals, Missing Transactions, and Tax Adjustments
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Removing transactions that belong to a different period - correct Answers ✔✔ -Deferral
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Opposite of deferral. Concern future payments or expenses - correct Answers ✔✔ -
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Accruals
The Business is a separate entity, so the activities of a business must be kept separate
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from any other financial activities of its business owners - correct Answers ✔✔ -
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Economic Entity Assumption ih ih
Only transactions that can be proven should be recorded in accounting practices. And
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what this means is that businesses must be able to prove transactions through such
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things as receipts, billing statements, invoices, and bank statements. - correct Answers
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✔✔ -Reliability Assumption
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All info that is relative to the business and is important to a lender or investor has to be
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disclosed in financial statements or in the notes of the statements - correct Answers ✔
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✔ -Full Disclosure Principle
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When choosing between two solutions, the one that will be least likely to overstate
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assets and income should be selected. - correct Answers ✔✔ -Conservatism
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Assumption
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States that an amount can be ignored if its effect on the financial statements is small and
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not misleading - correct Answers ✔✔ -Materiality Principle
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Once you adopt an accounting principle or method, continue to follow it consistently in
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future accounting periods so that the results reported from period to period are
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comparable - correct Answers ✔✔ -Consistency Principle
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One currency is used throughout all accounting activities. In the US the dollar is the
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currency used in accounting. When this currency is used, inflation is not a consideration
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in recording finances - correct Answers ✔✔ -Monetary Unit Assumption
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Refers to a business that is stable enough to operate and meet its obligation for the
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future - correct Answers ✔✔ -Going Concern Assumption
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