Updated Intuit Bookkeeping Study Material |Questions With Detailed Answers| 2024
12 views 0 purchase
Course
INTUIT BOOKKEEPING
Institution
INTUIT BOOKKEEPING
Updated Intuit Bookkeeping Study Material |Questions With Detailed Answers| 2024
In bookkeeping, a signed agreement between two parties, used to document money owed, interest, and payment timeframe is known as what? Correct Answer: Promissary Note
Rent for Eternal Summer is $1,200/month , but...
Updated Intuit Bookkeeping Study
Material |Questions With Detailed
Answers| 2024
In bookkeeping, a signed agreement between two parties, used to document money
owed, interest, and payment timeframe is known as what? Correct Answer: Promissary
Note
Rent for Eternal Summer is $1,200/month , but if it is prepaid , rent is only $12,000 for
the year. If Eternal Summer pays $12,000 on January 1, how would you book this
transaction? Correct Answer: Debit prepaid rent for $12,000 and Credit Cash rent for
$12,000
Which path would you select in Quickbooks Online to create a sales receipt? Correct
Answer: New > Sales Receipt
When creating an invoice in Quickbooks Online, which path would you choose to add a
new customer? Correct Answer: Customer > Add New
True or False. The Direct Write-Off method of accounting for "Bad Debt" adheres to the
matching principle Correct Answer: False
True or False. A perprtual inventory system is one that updates the inventory account at
specified intervals Correct Answer: False
, The inventory cost flow assumption which supposes that inventory flows through the
system from oldest to newest is defined as what assumption? Correct Answer: First In,
First Out (FIFO)
True or False. Inventory errors will self-correct after two years (assuming no other errors
occur.) Correct Answer: True
True or False. PP&E and expenses are treated the same when it comes to taxes.
Correct Answer: False
True or False. Depreciation expense is recorded on the balance sheet below PP&E.
Correct Answer: False
When using QBO software, depreciation expense must be entered as a: Correct
Answer: Journal Entry
A kind of lease in which ownership of the asset is intended at the end of the lease is
called: Correct Answer: A capital lease
A capital lease will show up on the profit and loss statement Correct Answer: False
The benefits of buying summaries with Stuvia:
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
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SavvyMind. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R195,57. You're not tied to anything after your purchase.
