Exam (elaborations)
INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS
- Course
- Institution
INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS
[Show more]
Content preview
Intuit Bookkeeping Exam Questions and A0 0 0 0 0
nswers
Four0Key0Elements0of0Bookkeeping0Ethics0-0Answer0-
Honesty,0Objectivity,0Confidentiality0and0Professionalism
What0is0DEALER0-0Answer0-
Dividends0+0Expenses0+0Assets0=0Liabilities0+0Owner's0Equity0(beginning)0+0Revenue
What's0is0the0accounting0Equation?0-0Answer0-Assets0=0Liabilities0+0Equity
Profit0and0Loss0statement.0Shows0the0company's0revenues0and0expenses0during0a0parti
cular0period0-0Answer0-The0Income0Statement
A0financial0statement0that0reports0a0company's0assets,0liabilities,0and0equity0at0a0specific0
point0in0time0-0Answer0-The0Balance0Sheet
Reports0the0changes0in0company0equity,0from0the0opening0balance0to0the0end0of0the0peri
od0balance.0-0Answer0-The0Statement0of0Equity
Reports0the0sources0and0uses0of0cash0by0a0business0-0Answer0-
The0Statement0of0Cash0Flow
Accounting0Cycle0-0Answer0-1.0Analyze0and0record0transactions
2.0Post0transactions0to0ledger
3.0Prepare0an0unadjusted0trial0balance
4.0Prepare0adjusted0entries0at0the0end0of0the0period
5.0Prepare0adjusted0trial0balance
6.0Prepare0financial0statements
If0customers0pays0at0the0time0of0sale0you0must0enter0it0as0a0-0Answer0-Sales0Receipt
If0customers0does0not0pay0at0the0time0of0sale0you0must0enter0it0as0a0-0Answer0-Invoice
Once0and0customer0has0paid0an0invoice0it0goes0to0-0Answer0-Receive0payment
Receive0payment0and0sales0receipt0are0followed0by0-0Answer0-Bank0deposit
, Step040of0The0Accounting0Cycle:0Preparing0adjusted0entries0includes0-0Answer0-
Deferrals,0Accruals,0Missing0Transactions,0and0Tax0Adjustments
Removing0transactions0that0belong0to0a0different0period0-0Answer0-Deferral
Opposite0of0deferral.0Concern0future0payments0or0expenses0-0Answer0-Accruals
The0Business0is0a0separate0entity,0so0the0activities0of0a0business0must0be0kept0separate0
from0any0other0financial0activities0of0its0business0owners0-0Answer0-
Economic0Entity0Assumption
Only0transactions0that0can0be0proven0should0be0recorded0in0accounting0practices.0And0w
hat0this0means0is0that0businesses0must0be0able0to0prove0transactions0through0such0thing
s0as0receipts,0billing0statements,0invoices,0and0bank0statements.0-0Answer0-
Reliability0Assumption
All0info0that0is0relative0to0the0business0and0is0important0to0a0lender0or0investor0has0to0be0
disclosed0in0financial0statements0or0in0the0notes0of0the0statements0-0Answer0-
Full0Disclosure0Principle
When0choosing0between0two0solutions,0the0one0that0will0be0least0likely0to0overstate0asset
s0and0income0should0be0selected.0-0Answer0-Conservatism0Assumption
States0that0an0amount0can0be0ignored0if0its0effect0on0the0financial0statements0is0small0an
d0not0misleading0-0Answer0-Materiality0Principle
Once0you0adopt0an0accounting0principle0or0method,0continue0to0follow0it0consistently0in0f
uture0accounting0periods0so0that0the0results0reported0from0period0to0period0are0compara
ble0-0Answer0-Consistency0Principle
One0currency0is0used0throughout0all0accounting0activities.0In0the0US0the0dollar0is0the0curr
ency0used0in0accounting.0When0this0currency0is0used,0inflation0is0not0a0consideration0in0r
ecording0finances0-0Answer0-Monetary0Unit0Assumption
Refers0to0a0business0that0is0stable0enough0to0operate0and0meet0its0obligation0for0the0futu
re0-0Answer0-Going0Concern0Assumption
Revenue0is0recognized0when0payment0is0received0and0expenses0are0recognized0when0p
aid0out0-0Answer0-Cash-Basis0Account0Method
Revenues0are0reported0when0they0are0earned0and0expenses0are0reported0when0they0are
0incurred0-0Answer0-Accrual0Method0of0Accounting
A0combo0of0cash-basis0and0accrual0methods0-0Answer0-Hybrid0Accounting
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 AGRADEPROMASTER. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now