Exam (elaborations)
INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+ & VERIFIED TO PASS
- Course
- Institution
INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+ & VERIFIED TO PASS
[Show more]
Content preview
1 INTUIT BOOKKEEPING EXAM 2024 QUESTIONS ANDCORRECT ANSWERS ALREADY GRADED A+ &
VERIFIED TO PASS
Four Key Elements of Bookkeeping Ethics ...ANSWER...
r r r r r rrrrr
Honesty, Objectivity, Confidentiality and Professionalism
r r r r r
What is DEALER ...ANSWER... Dividends + Expenses + Assets =
r r rrrrr r r r r r r
Liabilities + Owner's Equity (beginning) + Revenue
r r r r r r r
What's is the accounting Equation? ...ANSWER... Assets =
r r r r rrrrr r r
Liabilities + Equity
r r r
Profit and Loss statement. Shows the company's revenues and
r r r r r r r r
expenses during a particular period ...ANSWER... The Income
r r r r r rrrrr r r
Statement
r
A financial statement that reports a company's assets, liabilities,
r r r r r r r r
and equity at a specific point in time ...ANSWER... The Balance
r r r r r r r r rrrrr r r
Sheet
r
,2 Reports the changes in company equity, from the opening balance
r r r r r r r r r
to the end of the period balance. ...ANSWER... The Statement of
r r r r r r r rrrrr r r r
Equity
r
Reports the sources and uses of cash by a business ...ANSWER...
r r r r r r r r r rrrrr
The Statement of Cash Flow
r r r r r
Accounting Cycle ...ANSWER... 1. Analyze and record r rrrrr r r r r
transactions
r
2. Post transactions to ledger
r r r r
3. Prepare an unadjusted trial balance
r r r r r
4. Prepare adjusted entries at the end of the period
r r r r r r r r r
5. Prepare adjusted trial balance
r r r r
6. Prepare financial statements
r r r
If customers pays at the time of sale you must enter it as a
r r r r r r r r r r r r r rrrr
...ANSWER... Sales Receipt
r r r
If customers does not pay at the time of sale you must enter it as a
r r r r r r r r r r r r r r r rrrr
...ANSWER... Invoice
r r
Once and customer has paid an invoice it goes to ...ANSWER...
r r r r r r r r r rrrrr
Receive payment
r r
, 3
Receive payment and sales receipt are followed by ...ANSWER...
r r r r r r r rrrrr
Bank deposit
r r
Step 4 of The Accounting Cycle: Preparing adjusted entries
r r r r r r r r
includes ...ANSWER... Deferrals, Accruals, Missing
r rrrrr r r r
Transactions, and Tax Adjustments
r r r r
Removing transactions that belong to a different period
r r r r r r r rrrr
...ANSWER... Deferral
r r
Opposite of deferral. Concern future payments or expenses
r r r r r r r rrrr
...ANSWER... Accruals
r r
The Business is a separate entity, so the activities of a business must
r r r r r r r r r r r r
be kept separate from any other financial activities of its business
r r r r r r r r r r r
owners ...ANSWER... Economic Entity Assumption
r rrrrr r r r
Only transactions that can be proven should be recorded in
r r r r r r r r r
accounting practices. And what this means is that businesses must
r r r r r r r r r r
be able to prove transactions through such things as receipts,
r r r r r r r r r r
billing statements, invoices, and bank statements. ...ANSWER...
r r r r r r rrrrr
Reliability Assumption
r r
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 Ascorers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80364 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
