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Exam (elaborations)

Intuit Bookkeeping Exam Questions and Answers
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Intuit Bookkeeping Exam Four Key Elements of Bookkeeping Ethics - Answer- Honesty, Objectivity, Confidentiality and Professionalism What is DEALER - Answer- Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) + Revenue What's is the accounting Equation? - Answer- Asset...

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  • August 4, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Intuit Bookkeeping Exam
Four Key Elements of Bookkeeping Ethics - Answer- Honesty, Objectivity,
Confidentiality and Professionalism

What is DEALER - Answer- Dividends + Expenses + Assets = Liabilities + Owner's
Equity (beginning) + Revenue

What's is the accounting Equation? - Answer- Assets = Liabilities + Equity

Profit and Loss statement. Shows the company's revenues and expenses during a
particular period - Answer- The Income Statement

A financial statement that reports a company's assets, liabilities, and equity at a
specific point in time - Answer- The Balance Sheet

Reports the changes in company equity, from the opening balance to the end of the
period balance. - Answer- The Statement of Equity

Reports the sources and uses of cash by a business - Answer- The Statement of
Cash Flow

Accounting Cycle - Answer- 1. Analyze and record transactions
2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements

If customers pays at the time of sale you must enter it as a - Answer- Sales Receipt

If customers does not pay at the time of sale you must enter it as a - Answer- Invoice

Once and customer has paid an invoice it goes to - Answer- Receive payment

Receive payment and sales receipt are followed by - Answer- Bank deposit

Step 4 of The Accounting Cycle: Preparing adjusted entries includes - Answer-
Deferrals, Accruals, Missing Transactions, and Tax Adjustments

Removing transactions that belong to a different period - Answer- Deferral

Opposite of deferral. Concern future payments or expenses - Answer- Accruals

The Business is a separate entity, so the activities of a business must be kept
separate from any other financial activities of its business owners - Answer-
Economic Entity Assumption

, Only transactions that can be proven should be recorded in accounting practices.
And what this means is that businesses must be able to prove transactions through
such things as receipts, billing statements, invoices, and bank statements. - Answer-
Reliability Assumption

All info that is relative to the business and is important to a lender or investor has to
be disclosed in financial statements or in the notes of the statements - Answer- Full
Disclosure Principle

When choosing between two solutions, the one that will be least likely to overstate
assets and income should be selected. - Answer- Conservatism Assumption

States that an amount can be ignored if its effect on the financial statements is small
and not misleading - Answer- Materiality Principle

Once you adopt an accounting principle or method, continue to follow it consistently
in future accounting periods so that the results reported from period to period are
comparable - Answer- Consistency Principle

One currency is used throughout all accounting activities. In the US the dollar is the
currency used in accounting. When this currency is used, inflation is not a
consideration in recording finances - Answer- Monetary Unit Assumption

Refers to a business that is stable enough to operate and meet its obligation for the
future - Answer- Going Concern Assumption

Revenue is recognized when payment is received and expenses are recognized
when paid out - Answer- Cash-Basis Account Method

Revenues are reported when they are earned and expenses are reported when they
are incurred - Answer- Accrual Method of Accounting

A combo of cash-basis and accrual methods - Answer- Hybrid Accounting

Things your company owns that you can easily convert to cash and expect to do so
within the next 12 months - Answer- Currents Assets

Things your company owns that you expect to have for more than 12 months -
Answer- Long-term Assets

The total you get when adding all current assets and all long-term assets. This
should equal Total Liabilities+Toal Equity - Answer- Total Assets

A physical asset, such as inventory, vehicle, or a building - Answer- Tangible Asset

Not a physical asset. Examples would be a copyright, patent, or brand recoginition -
Answer- Intangible Asset

A signed document containing a written promise to pay a stated sum to a specified
person or bearer at a specified ate or on-demand - Answer- Promissory Note

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