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INTUIT BOOKKEEPING EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) $25.99
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INTUIT BOOKKEEPING EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)

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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...

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  • November 10, 2024
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  • 2024/2025
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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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