Exam (elaborations)

Intuit Bookkeeping Exam with Answers

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Course
Intuit Bookkeeping

Institution
Intuit Bookkeeping

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Uploaded on September 15, 2024
Number of pages 12
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Type Exam (elaborations)
Contains Questions & answers

intuit bookkeeping exam with answers

Institution Intuit Bookkeeping
Course Intuit Bookkeeping

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Intuit Bookkeeping Exam with Answers
1. Four Key Elements of Bookkeeping Ethics Honesty, Objectiv-
ity, Confidentiality
and Professional-
ism

2. What is DEALER Dividends + Ex-
penses + Assets =
Liabilities + Owner's
Equity (beginning) +
Revenue

3. What's is the accounting Equation? Assets = Liabilities
+ Equity

4. Profit and Loss statement. Shows the company's The Income State-
revenues and expenses during a particular period ment

5. A financial statement that reports a company's as- The Balance Sheet
sets, liabilities, and equity at a specific point in time

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

7. Reports the sources and uses of cash by a business The Statement of
Cash Flow

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

, Intuit Bookkeeping Exam with Answers
9. If customers pays at the time of sale you must enter Sales Receipt
it as a

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

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

12. Receive payment and sales receipt are followed by Bank deposit

13. Step 4 of The Accounting Cycle: Preparing adjusted Deferrals, Accru-
entries includes als, Missing Trans-
actions, and Tax Ad-
justments

14. Removing transactions that belong to a different Deferral
period

15. Opposite of deferral. Concern future payments or Accruals
expenses

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

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

18. All info that is relative to the business and is impor- Full Disclosure Prin-
tant to a lender or investor has to be disclosed in fi- ciple
nancial statements or in the notes of the statements

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

20. Materiality Principle

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Exam (elaborations)

Intuit Bookkeeping Exam with Answers

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