7/8/26, 9:32 AM Intuit Bookkeeping EXAM, || Questions and Answers (Verified Answers) Complete Test (Latest Update 2026) UPDATE!! Flashcards | …
Intuit Bookkeeping EXAM, || Questions and
Answers (Verified Answers) Complete Test (Latest
Update 2026) UPDATE!!
Save Add to calendar
Terms in this set (105)
Four Key Elements of Bookkeeping Honesty, Objectivity, Confidentiality and
Ethics Professionalism
What is DEALER Dividends + Expenses + Assets = Liabilities +
Owner's Equity (beginning) + Revenue
What's is the accounting Equation? Assets = Liabilities + Equity
Profit and Loss statement. Shows the The Income Statement
company's revenues and expenses
during a particular period
A financial statement that reports a The Balance Sheet
company's assets, liabilities, and
equity at a specific point in time
Reports the changes in company The Statement of Equity
equity, from the opening balance to
the end of the period balance.
Reports the sources and uses of cash The Statement of Cash Flow
by a business
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, 7/8/26, 9:32 AM Intuit Bookkeeping EXAM, || Questions and Answers (Verified Answers) Complete Test (Latest Update 2026) UPDATE!! Flashcards | …
Accounting Cycle 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 Sales Receipt
you must enter it as a
If customers does not pay at the time Invoice
of sale you must enter it as a
Once and customer has paid an Receive payment
invoice it goes to
Receive payment and sales receipt Bank deposit
are followed by
Step 4 of The Accounting Cycle: Deferrals, Accruals, Missing Transactions, and Tax
Preparing adjusted entries includes Adjustments
Removing transactions that belong Deferral
to a different period
Opposite of deferral. Concern future Accruals
payments or expenses
The Business is a separate entity, so Economic Entity Assumption
the activities of a business must be
kept separate from any other
financial activities of its business
owners
https://quizlet.com/1193720901/intuit-bookkeeping-exam-questions-and-answers-verified-answers-complete-test-latest-update-2026-update-flash-car… 2/13
Intuit Bookkeeping EXAM, || Questions and
Answers (Verified Answers) Complete Test (Latest
Update 2026) UPDATE!!
Save Add to calendar
Terms in this set (105)
Four Key Elements of Bookkeeping Honesty, Objectivity, Confidentiality and
Ethics Professionalism
What is DEALER Dividends + Expenses + Assets = Liabilities +
Owner's Equity (beginning) + Revenue
What's is the accounting Equation? Assets = Liabilities + Equity
Profit and Loss statement. Shows the The Income Statement
company's revenues and expenses
during a particular period
A financial statement that reports a The Balance Sheet
company's assets, liabilities, and
equity at a specific point in time
Reports the changes in company The Statement of Equity
equity, from the opening balance to
the end of the period balance.
Reports the sources and uses of cash The Statement of Cash Flow
by a business
https://quizlet.com/1193720901/intuit-bookkeeping-exam-questions-and-answers-verified-answers-complete-test-latest-update-2026-update-flash-car… 1/13
, 7/8/26, 9:32 AM Intuit Bookkeeping EXAM, || Questions and Answers (Verified Answers) Complete Test (Latest Update 2026) UPDATE!! Flashcards | …
Accounting Cycle 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 Sales Receipt
you must enter it as a
If customers does not pay at the time Invoice
of sale you must enter it as a
Once and customer has paid an Receive payment
invoice it goes to
Receive payment and sales receipt Bank deposit
are followed by
Step 4 of The Accounting Cycle: Deferrals, Accruals, Missing Transactions, and Tax
Preparing adjusted entries includes Adjustments
Removing transactions that belong Deferral
to a different period
Opposite of deferral. Concern future Accruals
payments or expenses
The Business is a separate entity, so Economic Entity Assumption
the activities of a business must be
kept separate from any other
financial activities of its business
owners
https://quizlet.com/1193720901/intuit-bookkeeping-exam-questions-and-answers-verified-answers-complete-test-latest-update-2026-update-flash-car… 2/13
