Updated Intuit Bookkeeping Study Material |Questions With Detailed Answers| 2024
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Module
INTUIT BOOKKEEPING
Institution
INTUIT BOOKKEEPING
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...
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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