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Intuit Bookkeeping Exam Update 2024 Questions and Correct Answers Rated A+ $13.99   Add to cart

Exam (elaborations)

Intuit Bookkeeping Exam Update 2024 Questions and Correct Answers Rated A+

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  • Course
  • Intuit Bookkeeping
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  • Intuit Bookkeeping

Intuit Bookkeeping Exam Update 2024 Questions and Correct Answers Rated A+

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  • August 29, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Intuit Bookkeeping
  • Intuit Bookkeeping
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Intuit Bookkeeping Exam.pdf file:///C:/Users/HP/Desktop/pppppp/Intuit%20Bookkeeping%20Exam




Intuit Bookkeeping Exam



1. Four Key Elements of Bookkeeping Ethics

ANS Honesty, Objectivity, Confidential- ity and Professionalism



2. What is DEALER

ANS Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) + Revenue



3. What's is the accounting Equation?

ANS Assets = Liabilities + Equity



4. Profit and Loss statement. Shows the company's revenues and expenses during a

particular period

ANS The Income Statement



5. A financial statement that reports a company's assets, liabilities, and equity at a specific

point in time
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ANS The Balance Sheet



6. Reports the changes in company equity, from the opening balance to the end of the

period balance.

ANS The Statement of Equity



7. Reports the sources and uses of cash by a business

ANS The Statement of Cash Flow



8. Accounting Cycle

ANS 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

9. If customers pays at the time of sale you must enter it as a

ANS Sales Receipt
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10. If customers does not pay at the time of sale you must enter it as a

ANS Invoice



11. Once and customer has paid an invoice it goes to

ANS Receive payment



12. Receive payment and sales receipt are followed by

ANS Bank deposit



13. Step 4 of The Accounting Cycle Preparing adjusted entries includes

ANS De- ferrals, Accruals, Missing Transactions, and Tax Adjustments



14. Removing transactions that belong to a different period

ANS Deferral



15. Opposite of deferral. Concern future payments or expenses

ANS Accruals
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