Intuit Bookkeeping Exam UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Four Key Elements of Bookkeeping Ethics - CORRECT ANSWER - Honesty, Objectivity,
Confidentiality and Professionalism
What is DEALER - CORRECT ANSWER - Dividends + Expenses + Assets = Liabilities +
Owner's Equity (beginning) + Revenue
What's is the accounting Equation? - CORRECT ANSWER - Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period - CORRECT ANSWER - The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in
time - CORRECT ANSWER - The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period
balance. - CORRECT ANSWER - The Statement of Equity
Reports the sources and uses of cash by a business - CORRECT ANSWER - The
Statement of Cash Flow
Accounting Cycle - CORRECT 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 - CORRECT ANSWER - Sales
Receipt
If customers does not pay at the time of sale you must enter it as a - CORRECT
ANSWER - Invoice
Once and customer has paid an invoice it goes to - CORRECT ANSWER - Receive
payment
Receive payment and sales receipt are followed by - CORRECT ANSWER - Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes - CORRECT
ANSWER - Deferrals, Accruals, Missing Transactions, and Tax Adjustments
Removing transactions that belong to a different period - CORRECT ANSWER - Deferral
Opposite of deferral. Concern future payments or expenses - CORRECT 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 - CORRECT 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. - CORRECT ANSWER - Reliability
Assumption
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