INTUIT BOOKKEEPING EXAM NEWEST 2024 ACTUAL EXAM
COMPLETE 300 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS)
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.
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