100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
INTUIT BOOKKEEPING EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) $25.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. INTUIT BOOKKEEPING .
  4.  
  5. INTUIT BOOKKEEPING .

Exam (elaborations)

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

 0 purchase
  • Course
  • INTUIT BOOKKEEPING .
  • Institution
  • INTUIT BOOKKEEPING .

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

[Show more]

Preview 4 out of 54  pages

Document information

  • November 10, 2024
  • 54
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • INTUIT BOOKKEEPING .
  • INTUIT BOOKKEEPING .

Seller

avatar-seller
nyagajoseph539

Reviews received

Content preview

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.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 nyagajoseph539. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $25.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Class notes ·

(0)

Tasks (tutorial) and in-book exercises

$25.99
  • (0)
Add to cart
Added