Intuit Bookkeeping Exam
1 or more shareholders who are not personable in charge. Must have a board of
administrators and strict guidelines for running. Owners may be paid as an employee or from
a distribution of dividends. Pay will display up on the balance sheet if paid profits or on P&L
is paid dividends. - ANS-C Corp
eight Step Payroll Process - ANS-1. Choose payroll gadget
2. Create Payroll Policy
3. Gather Employee Info
four. Setup Direct Deposit
5. Establish Time Tracking System
6. Collect Employee Time Sheets
7. Approve and Submit Employee Payroll
8. Report and Update Payroll records
A terrible debt is charged to price as soon as it's far obvious that an bill will no longer be
paid. This is less complicated for business owners. - ANS-Direct Write-Off Method
A combo of coins-basis and accrual techniques - ANS-Hybrid Accounting
A business enterprise's liabilities with a view to come due inside 1 12 months - ANS-Current
Liabilities
A contra-asset account that has a herbal credit balance. Balances lower with debits and
increase with credit - ANS-Accumulated Depreciation Account
A financial assertion that reviews a organisation's belongings, liabilities, and equity at a
selected factor in time - ANS-The Balance Sheet
A form of rent wherein switch of possession of the asset is supposed at the stop of the rent -
ANS-Capital Lease
A kind of lease wherein switch of ownership of the asset isn't always intended -
ANS-Operating Lease
A mortgage used to finance a enterprise's day by day operations - ANS-Working Capital
Loan
A degree of a employer's profitability. Shows the share of sales that exceeds COGS -
ANS-Gross Profit Margin
A bodily asset, inclusive of stock, vehicle, or a constructing - ANS-Tangible Asset
A signed record containing a written promise to pay a stated sum to a designated character
or bearer at a specific ate or on-demand - ANS-Promissory Note
Accounting Cycle - ANS-1. Analyze and document transactions
2. Post transactions to ledger
three. Prepare an unadjusted trial stability
4. Prepare adjusted entries at the quit of the period
five. Prepare adjusted trial stability
6. Prepare economic statements
Accounts Payable - ANS-debts through a organization to its creditors.
Accounts Payable Turnover - ANS-Net Credit Purchases/Average Accounts Payable
Accounts Receivable Turnover Ratio - ANS-net credit score income/average net bills
receivable
, All information this is relative to the commercial enterprise and is essential to a lender or
investor has to be disclosed in monetary statements or within the notes of the statements -
ANS-Full Disclosure Principle
Amoritization - ANS-the discount of a loan stability thru bills made over a time period
An estimate of the destiny amount of awful debt is charged to a reserve account as soon as
a sale is made. This is greater accurate but complicated - ANS-Allowance Method
An expense account at the income assertion displaying the price of merchandise to the
enterprise - ANS-Cost of Goods Sold (COGS)
An price that a enterprise incurs as soon as the repayment of credit previously prolonged to
a customer is estimated to be uncollectible - ANS-Bad Debt
An inventory machine that constantly replace the inventory account - ANS-Perpetual
An inventory device that updates the inventory account most effective at particular periods -
ANS-Periodic
Analyzes short time period monetary danger - ANS-Current Ratio
Average Cost - ANS-All objects within the stock are priced at their average cost
Bonds Payable - ANS-lengthy-term liabilities that constitute cash lent to the company that
must be paid back
Cash Flow Coverage Ratio - ANS-Cash Flow Operations/ Total Debt
Cash Flow Margin Ratio - ANS-coins drift from operations/net sales
Closing Inventory - ANS-Closing Inventory=Cost of Goods Available- COGS
COGS equation - ANS-BI(Beginning Inventory) + COGP (Cost of Goods Purchased) - EI
(Ending Inventory) = COGS
Compares total debt to general fairness - ANS-Debt to Equity Ratio
Comparing account listed on source files document to the whole this is listed on the balance
sheet - ANS-Report Reconciliation Method
Current Liability Coverage Ratio - ANS-Net Cash from Operating Activities/ Average Current
Liabilities
Current Ratio Formula - ANS-Current Ratio = Current Assets / Current Liabilities
Debt to Equity Ratio Formula - ANS-Total Debt / Shareholder's Equity
Deferred Revenue - ANS-A legal responsibility created whilst a enterprise collects cash from
customers in advance of completing a carrier or handing over a product.
Details the mistake and corrections you made to the profits announcement and balance
sheet - ANS-Disclosure
Employee Information or Payroll - ANS-w-2s, I-nine's, 1099's and w-four's
External Reports - ANS-reports or different output produced to be used by way of human
beings outside the employer
First-In, First-Out (FIFO) - ANS-Method to assign fee to stock that assumes objects are
bought in the order obtained; earliest gadgets purchased are the first bought.
Fixing Journals Entries - ANS-Reverse journal access or reproduce economic statements
Four Key Elements of Bookkeeping Ethics - ANS-Honesty, Objectivity, Confidentiality and
Professionalism
Gross Pay - ANS-the whole amount of an worker's profits earlier than deductions are taken
out
Gross income margin components - ANS-(Sales Revenue - Cost of Goods Sold) / Sales
Revenue
horizontal analysis (trend analysis) - ANS-a method for comparing a series of monetary
announcement facts over a period of time
If clients does now not pay at the time of sale you must enter it as a - ANS-Invoice
1 or more shareholders who are not personable in charge. Must have a board of
administrators and strict guidelines for running. Owners may be paid as an employee or from
a distribution of dividends. Pay will display up on the balance sheet if paid profits or on P&L
is paid dividends. - ANS-C Corp
eight Step Payroll Process - ANS-1. Choose payroll gadget
2. Create Payroll Policy
3. Gather Employee Info
four. Setup Direct Deposit
5. Establish Time Tracking System
6. Collect Employee Time Sheets
7. Approve and Submit Employee Payroll
8. Report and Update Payroll records
A terrible debt is charged to price as soon as it's far obvious that an bill will no longer be
paid. This is less complicated for business owners. - ANS-Direct Write-Off Method
A combo of coins-basis and accrual techniques - ANS-Hybrid Accounting
A business enterprise's liabilities with a view to come due inside 1 12 months - ANS-Current
Liabilities
A contra-asset account that has a herbal credit balance. Balances lower with debits and
increase with credit - ANS-Accumulated Depreciation Account
A financial assertion that reviews a organisation's belongings, liabilities, and equity at a
selected factor in time - ANS-The Balance Sheet
A form of rent wherein switch of possession of the asset is supposed at the stop of the rent -
ANS-Capital Lease
A kind of lease wherein switch of ownership of the asset isn't always intended -
ANS-Operating Lease
A mortgage used to finance a enterprise's day by day operations - ANS-Working Capital
Loan
A degree of a employer's profitability. Shows the share of sales that exceeds COGS -
ANS-Gross Profit Margin
A bodily asset, inclusive of stock, vehicle, or a constructing - ANS-Tangible Asset
A signed record containing a written promise to pay a stated sum to a designated character
or bearer at a specific ate or on-demand - ANS-Promissory Note
Accounting Cycle - ANS-1. Analyze and document transactions
2. Post transactions to ledger
three. Prepare an unadjusted trial stability
4. Prepare adjusted entries at the quit of the period
five. Prepare adjusted trial stability
6. Prepare economic statements
Accounts Payable - ANS-debts through a organization to its creditors.
Accounts Payable Turnover - ANS-Net Credit Purchases/Average Accounts Payable
Accounts Receivable Turnover Ratio - ANS-net credit score income/average net bills
receivable
, All information this is relative to the commercial enterprise and is essential to a lender or
investor has to be disclosed in monetary statements or within the notes of the statements -
ANS-Full Disclosure Principle
Amoritization - ANS-the discount of a loan stability thru bills made over a time period
An estimate of the destiny amount of awful debt is charged to a reserve account as soon as
a sale is made. This is greater accurate but complicated - ANS-Allowance Method
An expense account at the income assertion displaying the price of merchandise to the
enterprise - ANS-Cost of Goods Sold (COGS)
An price that a enterprise incurs as soon as the repayment of credit previously prolonged to
a customer is estimated to be uncollectible - ANS-Bad Debt
An inventory machine that constantly replace the inventory account - ANS-Perpetual
An inventory device that updates the inventory account most effective at particular periods -
ANS-Periodic
Analyzes short time period monetary danger - ANS-Current Ratio
Average Cost - ANS-All objects within the stock are priced at their average cost
Bonds Payable - ANS-lengthy-term liabilities that constitute cash lent to the company that
must be paid back
Cash Flow Coverage Ratio - ANS-Cash Flow Operations/ Total Debt
Cash Flow Margin Ratio - ANS-coins drift from operations/net sales
Closing Inventory - ANS-Closing Inventory=Cost of Goods Available- COGS
COGS equation - ANS-BI(Beginning Inventory) + COGP (Cost of Goods Purchased) - EI
(Ending Inventory) = COGS
Compares total debt to general fairness - ANS-Debt to Equity Ratio
Comparing account listed on source files document to the whole this is listed on the balance
sheet - ANS-Report Reconciliation Method
Current Liability Coverage Ratio - ANS-Net Cash from Operating Activities/ Average Current
Liabilities
Current Ratio Formula - ANS-Current Ratio = Current Assets / Current Liabilities
Debt to Equity Ratio Formula - ANS-Total Debt / Shareholder's Equity
Deferred Revenue - ANS-A legal responsibility created whilst a enterprise collects cash from
customers in advance of completing a carrier or handing over a product.
Details the mistake and corrections you made to the profits announcement and balance
sheet - ANS-Disclosure
Employee Information or Payroll - ANS-w-2s, I-nine's, 1099's and w-four's
External Reports - ANS-reports or different output produced to be used by way of human
beings outside the employer
First-In, First-Out (FIFO) - ANS-Method to assign fee to stock that assumes objects are
bought in the order obtained; earliest gadgets purchased are the first bought.
Fixing Journals Entries - ANS-Reverse journal access or reproduce economic statements
Four Key Elements of Bookkeeping Ethics - ANS-Honesty, Objectivity, Confidentiality and
Professionalism
Gross Pay - ANS-the whole amount of an worker's profits earlier than deductions are taken
out
Gross income margin components - ANS-(Sales Revenue - Cost of Goods Sold) / Sales
Revenue
horizontal analysis (trend analysis) - ANS-a method for comparing a series of monetary
announcement facts over a period of time
If clients does now not pay at the time of sale you must enter it as a - ANS-Invoice
