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INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS
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INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS
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Intuit Bookkeeping Exam Questions and A7 7 7 7 7
nswers
Four7Key7Elements7of7Bookkeeping7Ethics7-7Answer7-
Honesty,7Objectivity,7Confidentiality7and7Professionalism
What7is7DEALER7-7Answer7-
Dividends7+7Expenses7+7Assets7=7Liabilities7+7Owner's7Equity7(beginning)7+7Revenue
What's7is7the7accounting7Equation?7-7Answer7-Assets7=7Liabilities7+7Equity
Profit7and7Loss7statement.7Shows7the7company's7revenues7and7expenses7during7a7parti
cular7period7-7Answer7-The7Income7Statement
A7financial7statement7that7reports7a7company's7assets,7liabilities,7and7equity7at7a7specific7
point7in7time7-7Answer7-The7Balance7Sheet
Reports7the7changes7in7company7equity,7from7the7opening7balance7to7the7end7of7the7peri
od7balance.7-7Answer7-The7Statement7of7Equity
Reports7the7sources7and7uses7of7cash7by7a7business7-7Answer7-
The7Statement7of7Cash7Flow
Accounting7Cycle7-7Answer7-1.7Analyze7and7record7transactions
2.7Post7transactions7to7ledger
3.7Prepare7an7unadjusted7trial7balance
4.7Prepare7adjusted7entries7at7the7end7of7the7period
5.7Prepare7adjusted7trial7balance
6.7Prepare7financial7statements
If7customers7pays7at7the7time7of7sale7you7must7enter7it7as7a7-7Answer7-Sales7Receipt
If7customers7does7not7pay7at7the7time7of7sale7you7must7enter7it7as7a7-7Answer7-Invoice
Once7and7customer7has7paid7an7invoice7it7goes7to7-7Answer7-Receive7payment
Receive7payment7and7sales7receipt7are7followed7by7-7Answer7-Bank7deposit
, Step747of7The7Accounting7Cycle:7Preparing7adjusted7entries7includes7-7Answer7-
Deferrals,7Accruals,7Missing7Transactions,7and7Tax7Adjustments
Removing7transactions7that7belong7to7a7different7period7-7Answer7-Deferral
Opposite7of7deferral.7Concern7future7payments7or7expenses7-7Answer7-Accruals
The7Business7is7a7separate7entity,7so7the7activities7of7a7business7must7be7kept7separate7
from7any7other7financial7activities7of7its7business7owners7-7Answer7-
Economic7Entity7Assumption
Only7transactions7that7can7be7proven7should7be7recorded7in7accounting7practices.7And7w
hat7this7means7is7that7businesses7must7be7able7to7prove7transactions7through7such7thing
s7as7receipts,7billing7statements,7invoices,7and7bank7statements.7-7Answer7-
Reliability7Assumption
All7info7that7is7relative7to7the7business7and7is7important7to7a7lender7or7investor7has7to7be7
disclosed7in7financial7statements7or7in7the7notes7of7the7statements7-7Answer7-
Full7Disclosure7Principle
When7choosing7between7two7solutions,7the7one7that7will7be7least7likely7to7overstate7asset
s7and7income7should7be7selected.7-7Answer7-Conservatism7Assumption
States7that7an7amount7can7be7ignored7if7its7effect7on7the7financial7statements7is7small7an
d7not7misleading7-7Answer7-Materiality7Principle
Once7you7adopt7an7accounting7principle7or7method,7continue7to7follow7it7consistently7in7f
uture7accounting7periods7so7that7the7results7reported7from7period7to7period7are7compara
ble7-7Answer7-Consistency7Principle
One7currency7is7used7throughout7all7accounting7activities.7In7the7US7the7dollar7is7the7curr
ency7used7in7accounting.7When7this7currency7is7used,7inflation7is7not7a7consideration7in7r
ecording7finances7-7Answer7-Monetary7Unit7Assumption
Refers7to7a7business7that7is7stable7enough7to7operate7and7meet7its7obligation7for7the7futu
re7-7Answer7-Going7Concern7Assumption
Revenue7is7recognized7when7payment7is7received7and7expenses7are7recognized7when7p
aid7out7-7Answer7-Cash-Basis7Account7Method
Revenues7are7reported7when7they7are7earned7and7expenses7are7reported7when7they7are
7incurred7-7Answer7-Accrual7Method7of7Accounting
A7combo7of7cash-basis7and7accrual7methods7-7Answer7-Hybrid7Accounting
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