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Updated Intuit Bookkeeping Study Material |Questions With Detailed Answers| 2024
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Updated Intuit Bookkeeping Study Material |Questions With Detailed Answers| 2024 In bookkeeping, a signed agreement between two parties, used to document money owed, interest, and payment timeframe is known as what? Correct Answer: Promissary Note Rent for Eternal Summer is $1,200/month , but...

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  • September 1, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • intuit bookkeeping
  • promissary note
  • updated intuit bookkeeping study material questio
  • intuit bookkeeping study material
  • in bookkeeping a signed agreement between two par

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Updated Intuit Bookkeeping Study
Material |Questions With Detailed
Answers| 2024
In bookkeeping, a signed agreement between two parties, used to document money

owed, interest, and payment timeframe is known as what? Correct Answer: Promissary

Note



Rent for Eternal Summer is $1,200/month , but if it is prepaid , rent is only $12,000 for

the year. If Eternal Summer pays $12,000 on January 1, how would you book this

transaction? Correct Answer: Debit prepaid rent for $12,000 and Credit Cash rent for

$12,000



Which path would you select in Quickbooks Online to create a sales receipt? Correct

Answer: New > Sales Receipt



When creating an invoice in Quickbooks Online, which path would you choose to add a

new customer? Correct Answer: Customer > Add New



True or False. The Direct Write-Off method of accounting for "Bad Debt" adheres to the

matching principle Correct Answer: False



True or False. A perprtual inventory system is one that updates the inventory account at

specified intervals Correct Answer: False

, The inventory cost flow assumption which supposes that inventory flows through the

system from oldest to newest is defined as what assumption? Correct Answer: First In,

First Out (FIFO)



True or False. Inventory errors will self-correct after two years (assuming no other errors

occur.) Correct Answer: True



True or False. PP&E and expenses are treated the same when it comes to taxes.

Correct Answer: False



True or False. Depreciation expense is recorded on the balance sheet below PP&E.

Correct Answer: False



When using QBO software, depreciation expense must be entered as a: Correct

Answer: Journal Entry



A kind of lease in which ownership of the asset is intended at the end of the lease is

called: Correct Answer: A capital lease



A capital lease will show up on the profit and loss statement Correct Answer: False

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