INTUIT BOOKKEEPING EXAM NEWEST 2024 ACTUAL EXAM COMPLET
150 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED AN-
SWERS)
Study online at https://quizlet.com/_fugb9d
1. Four Key Elements of Bookkeeping Ethics Honesty, Objectiv-
ity, Confidentiality
and Professional-
ism
2. What is DEALER Dividends + Ex-
penses + Assets =
Liabilities + Owner's
Equity (beginning) +
Revenue
3. What's is the accounting Equation? Assets = Liabilities
+ Equity
4. Profit and Loss statement. Shows the company's The Income State-
revenues and expenses during a particular period ment
5. A financial statement that reports a company's as- The Balance Sheet
sets, liabilities, and equity at a specific point in time
6. Reports the changes in company equity, from the The Statement of
opening balance to the end of the period balance. Equity
7. Reports the sources and uses of cash by a business The Statement of
Cash Flow
8. Accounting Cycle 1. Analyze and
record transactions
2. Post transactions
to ledger
3. Prepare an unad-
justed trial balance
4. Prepare adjusted
entries at the end of
the period
5. Prepare adjusted
trial balance
, INTUIT BOOKKEEPING EXAM NEWEST 2024 ACTUAL EXAM COMPLET
150 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED AN-
SWERS)
Study online at https://quizlet.com/_fugb9d
6. Prepare financial
statements
9. If customers pays at the time of sale you must enter Sales Receipt
it as a
10. If customers does not pay at the time of sale you Invoice
must enter it as a
11. Once and customer has paid an invoice it goes to Receive payment
12. Receive payment and sales receipt are followed by Bank deposit
13. Step 4 of The Accounting Cycle: Preparing adjusted Deferrals, Accru-
entries includes als, Missing Trans-
actions, and Tax Ad-
justments
14. Removing transactions that belong to a different Deferral
period
15. Opposite of deferral. Concern future payments or Accruals
expenses
16. The Business is a separate entity, so the activities Economic Entity As-
of a business must be kept separate from any other sumption
financial activities of its business owners
17. Only transactions that can be proven should be Reliability Assump-
recorded in accounting practices. And what this tion
means is that businesses must be able to prove
transactions through such things as receipts,
billing statements, invoices, and bank statements.
18. All info that is relative to the business and is impor- Full Disclosure Prin-
tant to a lender or investor has to be disclosed in fi- ciple
nancial statements or in the notes of the statements
19.
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