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Intuit Bookkeeping Exam Practice Questions and Answers 100% Pass
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Intuit Bookkeeping Exam Practice Questions and Answers 100% Pass 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 ...

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  • November 19, 2024
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  • 2024/2025
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Intuit Bookkeeping Exam Practice
Questions and Answers 100% Pass

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



Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/12

, 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




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/12

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