Intuit Bookkeeping Exam Questions and answers Newest 2025 Newest

Intuit Bookkeeping Exam Questions and
answers Newest 2025 Newest
Four Key Elements of Bookkeeping Ethics - Correct Answers Honesty, Objectivity,
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Confidentiality and Professionalism
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What is DEALER - Correct Answers Dividends + Expenses + Assets = Liabilities +
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Owner's Equity (beginning) + Revenue
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What's is the accounting Equation? - Correct Answers Assets = Liabilities + Equity
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Profit and Loss statement. Shows the company's revenues and expenses during a
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particular period - Correct Answers The Income Statement
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A financial statement that reports a company's assets, liabilities, and equity at a specific
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point in time - Correct Answers The Balance Sheet
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Reports the changes in company equity, from the opening balance to the end of the period
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balance. - Correct Answers The Statement of Equity
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Reports the sources and uses of cash by a business - Correct Answers The Statement of
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Cash Flow
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Accounting Cycle - Correct Answers 1. Analyze and record transactions
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2. Post transactions to ledger
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3. Prepare an unadjusted trial balance
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4. Prepare adjusted entries at the end of the period
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5. Prepare adjusted trial balance
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6. Prepare financial statements
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If customers pays at the time of sale you must enter it as a - Correct Answers Sales Receipt
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If customers does not pay at the time of sale you must enter it as a - Correct Answers
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Invoice
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Once and customer has paid an invoice it goes to - Correct Answers Receive payment
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Receive payment and sales receipt are followed by - Correct Answers Bank deposit
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Step 4 of The Accounting Cycle: Preparing adjusted entries includes - Correct Answers
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Deferrals, Accruals, Missing Transactions, and Tax Adjustments
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Removing transactions that belong to a different period - Correct Answers Deferral
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, Opposite of deferral. Concern future payments or expenses - Correct Answers Accruals
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The Business is a separate entity, so the activities of a business must be kept separate from
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any other financial activities of its business owners - Correct Answers Economic Entity
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Assumption
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Only transactions that can be proven should be recorded in accounting practices. And what
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this means is that businesses must be able to prove transactions through such things as
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receipts, billing statements, invoices, and bank statements. - Correct Answers Reliability
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Assumption
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All info that is relative to the business and is important to a lender or investor has to be
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disclosed in financial statements or in the notes of the statements - Correct Answers Full
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Disclosure Principle
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When choosing between two solutions, the one that will be least likely to overstate assets
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and income should be selected. - Correct Answers Conservatism Assumption
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States that an amount can be ignored if its effect on the financial statements is small and not
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misleading - Correct Answers Materiality Principle
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Once you adopt an accounting principle or method, continue to follow it consistently in future
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accounting periods so that the results reported from period to period are comparable -
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Correct Answers Consistency Principle
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One currency is used throughout all accounting activities. In the US the dollar is the currency
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used in accounting. When this currency is used, inflation is not a consideration in recording
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finances - Correct Answers Monetary Unit Assumption
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Refers to a business that is stable enough to operate and meet its obligation for the future -
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Correct Answers Going Concern Assumption
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Revenue is recognized when payment is received and expenses are recognized when paid
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out - Correct Answers Cash-Basis Account Method
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Revenues are reported when they are earned and expenses are reported when they are
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incurred - Correct Answers Accrual Method of Accounting
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A combo of cash-basis and accrual methods - Correct Answers Hybrid Accounting
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Things your company owns that you can easily convert to cash and expect to do so within
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the next 12 months - Correct Answers Currents Assets
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Things your company owns that you expect to have for more than 12 months - Correct
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Answers Long-term Assets
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