Exam (elaborations)
INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS
- Course
- Institution
INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS
[Show more]
Seller
Follow
Content preview
Intuit Bookkeeping Exam Questions and A7 7 7 7 7
nswers
Four7Key7Elements7of7Bookkeeping7Ethics7-7Answer7-
Honesty,7Objectivity,7Confidentiality7and7Professionalism
What7is7DEALER7-7Answer7-
Dividends7+7Expenses7+7Assets7=7Liabilities7+7Owner's7Equity7(beginning)7+7Revenue
What's7is7the7accounting7Equation?7-7Answer7-Assets7=7Liabilities7+7Equity
Profit7and7Loss7statement.7Shows7the7company's7revenues7and7expenses7during7a7parti
cular7period7-7Answer7-The7Income7Statement
A7financial7statement7that7reports7a7company's7assets,7liabilities,7and7equity7at7a7specific7
point7in7time7-7Answer7-The7Balance7Sheet
Reports7the7changes7in7company7equity,7from7the7opening7balance7to7the7end7of7the7peri
od7balance.7-7Answer7-The7Statement7of7Equity
Reports7the7sources7and7uses7of7cash7by7a7business7-7Answer7-
The7Statement7of7Cash7Flow
Accounting7Cycle7-7Answer7-1.7Analyze7and7record7transactions
2.7Post7transactions7to7ledger
3.7Prepare7an7unadjusted7trial7balance
4.7Prepare7adjusted7entries7at7the7end7of7the7period
5.7Prepare7adjusted7trial7balance
6.7Prepare7financial7statements
If7customers7pays7at7the7time7of7sale7you7must7enter7it7as7a7-7Answer7-Sales7Receipt
If7customers7does7not7pay7at7the7time7of7sale7you7must7enter7it7as7a7-7Answer7-Invoice
Once7and7customer7has7paid7an7invoice7it7goes7to7-7Answer7-Receive7payment
Receive7payment7and7sales7receipt7are7followed7by7-7Answer7-Bank7deposit
, Step747of7The7Accounting7Cycle:7Preparing7adjusted7entries7includes7-7Answer7-
Deferrals,7Accruals,7Missing7Transactions,7and7Tax7Adjustments
Removing7transactions7that7belong7to7a7different7period7-7Answer7-Deferral
Opposite7of7deferral.7Concern7future7payments7or7expenses7-7Answer7-Accruals
The7Business7is7a7separate7entity,7so7the7activities7of7a7business7must7be7kept7separate7
from7any7other7financial7activities7of7its7business7owners7-7Answer7-
Economic7Entity7Assumption
Only7transactions7that7can7be7proven7should7be7recorded7in7accounting7practices.7And7w
hat7this7means7is7that7businesses7must7be7able7to7prove7transactions7through7such7thing
s7as7receipts,7billing7statements,7invoices,7and7bank7statements.7-7Answer7-
Reliability7Assumption
All7info7that7is7relative7to7the7business7and7is7important7to7a7lender7or7investor7has7to7be7
disclosed7in7financial7statements7or7in7the7notes7of7the7statements7-7Answer7-
Full7Disclosure7Principle
When7choosing7between7two7solutions,7the7one7that7will7be7least7likely7to7overstate7asset
s7and7income7should7be7selected.7-7Answer7-Conservatism7Assumption
States7that7an7amount7can7be7ignored7if7its7effect7on7the7financial7statements7is7small7an
d7not7misleading7-7Answer7-Materiality7Principle
Once7you7adopt7an7accounting7principle7or7method,7continue7to7follow7it7consistently7in7f
uture7accounting7periods7so7that7the7results7reported7from7period7to7period7are7compara
ble7-7Answer7-Consistency7Principle
One7currency7is7used7throughout7all7accounting7activities.7In7the7US7the7dollar7is7the7curr
ency7used7in7accounting.7When7this7currency7is7used,7inflation7is7not7a7consideration7in7r
ecording7finances7-7Answer7-Monetary7Unit7Assumption
Refers7to7a7business7that7is7stable7enough7to7operate7and7meet7its7obligation7for7the7futu
re7-7Answer7-Going7Concern7Assumption
Revenue7is7recognized7when7payment7is7received7and7expenses7are7recognized7when7p
aid7out7-7Answer7-Cash-Basis7Account7Method
Revenues7are7reported7when7they7are7earned7and7expenses7are7reported7when7they7are
7incurred7-7Answer7-Accrual7Method7of7Accounting
A7combo7of7cash-basis7and7accrual7methods7-7Answer7-Hybrid7Accounting
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Testbanklegend. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now