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Intuit Bookkeeping Exam Update | Intuit Bookkeeping Professional Certificate Exam Questions and Correct Answers Rated A+ $16.99   Add to cart

Exam (elaborations)

Intuit Bookkeeping Exam Update | Intuit Bookkeeping Professional Certificate Exam Questions and Correct Answers Rated A+

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  • Course
  • Intuit Bookkeeping
  • Institution
  • Intuit Bookkeeping

Intuit Bookkeeping Exam Update | Intuit Bookkeeping Professional Certificate Exam Questions and Correct Answers Rated A+

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  • November 20, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Intuit Bookkeeping
  • Intuit Bookkeeping
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Intuit Bookkeeping Exam Update | Intuit Bookkeeping
Professional Certificate Exam Questions and Correct
Answers Rated A+


Four ilKey ilElements ilof ilBookkeeping ilEthics il- ilANSWER-Honesty, ilObjectivity,

ilConfidentiality iland ilProfessionalism




What ilis ilDEALER il- ilANSWER-Dividends il+ ilExpenses il+ ilAssets il= ilLiabilities il+ ilOwner's

ilEquity il(beginning) il+ ilRevenue




What's ilis ilthe ilaccounting ilEquation? il- ilANSWER-Assets il= ilLiabilities il+ ilEquity



Profit iland ilLoss ilstatement. ilShows ilthe ilcompany's ilrevenues iland ilexpenses ilduring ila

ilparticular ilperiod il- ilANSWER-The ilIncome ilStatement




A ilfinancial ilstatement ilthat ilreports ila ilcompany's ilassets, illiabilities, iland ilequity ilat ila

ilspecific ilpoint ilin iltime il- ilANSWER-The ilBalance ilSheet




Reports ilthe ilchanges ilin ilcompany ilequity, ilfrom ilthe ilopening ilbalance ilto ilthe ilend ilof

ilthe ilperiod ilbalance. il- ilANSWER-The ilStatement ilof ilEquity




Reports ilthe ilsources iland iluses ilof ilcash ilby ila ilbusiness il- ilANSWER-The ilStatement ilof

ilCash ilFlow

, Accounting ilCycle il- ilANSWER-1. ilAnalyze iland ilrecord iltransactions

2. ilPost iltransactions ilto illedger

3. ilPrepare ilan ilunadjusted iltrial ilbalance

4. ilPrepare iladjusted ilentries ilat ilthe ilend ilof ilthe ilperiod

5. ilPrepare iladjusted iltrial ilbalance

6. ilPrepare ilfinancial ilstatements



If ilcustomers ilpays ilat ilthe iltime ilof ilsale ilyou ilmust ilenter ilit ilas ila il- ilANSWER-Sales

ilReceipt




If ilcustomers ildoes ilnot ilpay ilat ilthe iltime ilof ilsale ilyou ilmust ilenter ilit ilas ila il- ilANSWER-

Invoice



Once iland ilcustomer ilhas ilpaid ilan ilinvoice ilit ilgoes ilto il- ilANSWER-Receive ilpayment



Receive ilpayment iland ilsales ilreceipt ilare ilfollowed ilby il- ilANSWER-Bank ildeposit



Step il4 ilof ilThe ilAccounting ilCycle: ilPreparing iladjusted ilentries ilincludes il- ilANSWER-

Deferrals, ilAccruals, ilMissing ilTransactions, iland ilTax ilAdjustments



Removing iltransactions ilthat ilbelong ilto ila ildifferent ilperiod il- ilANSWER-Deferral

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