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Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Exam Study Guide Questions All Answered $11.49
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Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Exam Study Guide Questions All Answered
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Materiality Principle - An accounting standard can be ignored if the impact on financial statements is small and not misleading Consistency Principle - A business will adopt an accounting method and use the same method for similar items in the future. Methods are only changed if it improves rep...

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  • August 24, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • intuit academy bookkeeping professional certificat

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  • BOOKKEEPING PROFESSIONAL
  • BOOKKEEPING PROFESSIONAL

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Intuit Academy Bookkeeping Professional
Certificate: Bookkeeping Basics Exam
Study Guide Questions All Answered
Materiality Principle - ✔An accounting standard can be ignored if the impact
on financial statements is small and not misleading



Consistency Principle - ✔A business will adopt an accounting method and use the
same method for similar items in the future. Methods are only changed if it improves
reporting.



Monetary Unit Assumption - ✔One currency is used throughout all
accounting activities. Inflation is not accounted for.



Going Concern Assumption - ✔When a company is no longer a going concern it
must report the issues it's having including ongoing losses, credit denial and lawsuits.



Going Concern - ✔A company is stable and can meet it's obligations for
the foreseeable future.



Periodicity Assumption - ✔You can report a companies financials in smaller chunks
of time



Revenue Recognition Principle - ✔Revenue is earned when a service is performed
even if cash is not yet received. Revenue must be recognized in the period when
realized and earned, not necessarily when payment is received.

, Matching Principle - ✔revenue earned should be matched with the expenses
incurred in earning that revenue and in the same period



Cash Basis Accounting - ✔Revenue is recognized when revenue is received
and expenses are recognized when payed out


Accrual Basis Accounting - ✔revenue is reported when earned and expenses
are reported when incurred.



Hybrid Accounting Method - ✔A combination of cash basis and accrual
basis accounting.


The Accounting Principle - ✔You can't mix business and personal assets or expenses.



Accounting Equation - ✔Assets = Liabilities + Owner's Equity
or
Assets - Liabilities = Owner's Equity



Expanded Accounting Equation - ✔Assets = Liabilities + Equity + Revenue - Expenses
- Dividends


The Five Account Types - ✔Assets, Liabilities, Equity, Revenue, Expenses



Normal balance of the five account types - ✔Assets- Normal Dr balance
Expenses- Normal Dr balance
Dividends- Normal Dr balance
Equity- Normal Cr balance

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