INTUIT BOOKKEEPING UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY GUIDE
●● 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
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
●● 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.
Answer: Reliability Assumption
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY GUIDE
●● 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
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
●● 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.
Answer: Reliability Assumption
