Intuit Bookkeeping Professional
Certificate
Three reasons you can have a distinction when reconciling the financial institution account -
ANS-1. You are trying to reconcile to the incorrect ending balance
2. You're missing a transaction that has cleared the financial institution account
3. The quantity you recorded the transaction for does no longer suit the quantity that
suggests on the bank statement
five Bookkeeping Ethics - ANS-1. Objectivity
2. Competence
three. Integrity
four. Confidentiality
five. Professional conduct
A Balance Sheet has 4 elements: a heading, property, liabilities, and ______. - ANS-- equity
A commercial enterprise owner plays a service and is paid whilst the process is completed.
The owner might then input this transaction into accounting software as: - ANS-- A Sales
Receipt
A commercial enterprise owner performs a provider however isn't always paid when the job
is achieved. Using their accounting software program, the owner could input the transaction
as: - ANS-- An Invoice
A organization is considered a Going Concern while it: - ANS-- Is stable, capable of function
and capable of meet its economic duties.
A purchaser paid earlier for a carrier. They want to cancel the provider. If the enterprise
proprietor wishes to use that cash towards the consumer's next provider, the owner might
input that transaction into their accounting software as: - ANS-- A Credit Memo
A shape or announcement that lists the titles and balances of all ledger bills at a given date
is called: - ANS-- Trial stability
A listing of the names of the accounts that a corporation has identified and made to be had
for recording transactions in its wellknown ledger is known as a: - ANS-- Chart of Accounts
A sales manager purchases office elements with the employer credit score card. This
transaction impacts the money owed payable and the office materials debts. In your
magazine entry, which account do you credit? - ANS-- Accounts payable
A agenda that contains all bills needed to prepare monetary statements is referred to as: -
ANS-- The General Ledger
A seasonal business like Lou's Landscaping could have reduced coins throughout low
season months. Which financial announcement might display the cash inflows and outflows
for a selected month? - ANS-- Cash Flow Statement
A trial balance that is ready after considering all the adjusting entries is known as: - ANS--
Adjusted Trial Balance
A trial balance in which general debits same overall credit suggests: - ANS-- The ledger is in
balance.
A manner of bookkeeping that tracks which accounts increase and which lower for a given
transaction is known as: - ANS-- Double-entry Accounting
, According to the Revenue Recognition Principle, while ought to a commercial enterprise
recognize its sales? - ANS-- When it's miles earned
Accounts Payable - ANS-Amounts to be paid in the destiny for items or offerings already
acquired
Accounts payable could be an instance of what type of account? - ANS-- A liability account.
Accounts Receivable - ANS-Amounts to be acquired within the future due to the sale of
goods or offerings
Accounts receivable would be an instance of what sort of account? - ANS-- An asset
account.
Accrual assumption - ANS-Transactions are recorded using the accrual basis of accounting,
where the popularity of sales and costs arises when earned or used, respectively. If this
assumption isn't always real, a business need to rather use the coins foundation of
accounting
Accrual Basis Accounting - ANS-reporting income when it's miles earned and expenses
whilst they're incurred
gathered prices - ANS-charges incurred however not yet paid in coins or recorded
Accrued Revenues - ANS-sales for services completed however not yet obtained in cash or
recorded
Accumulated Depreciation - ANS-the whole quantity of depreciation fee that has been
recorded considering that the acquisition of an asset
After analysis, the enterprise transaction is recorded in the magazine in: - ANS--
Chronological order
After the Unadjusted Trial Balance is created, the procedure of going lower back and
updating facts is known as: - ANS-- Making adjustments
An accounting approach wherein revenues are suggested whilst they may be earned and
prices are pronounced when they are incurred is called: - ANS-- Accrual Accounting
An proprietor added in a bit of device for servicing and paid for the repair with a test. The
proprietor might then input the transaction into their accounting software program as: - ANS--
A Vendor Check
An owner has deposited numerous bills they've acquired from customers into the
commercial enterprise's bank account. The owner could then input this transaction of their
accounting software as: - ANS-- A Bank Deposit
An proprietor invests $1000 in the business enterprise. This transaction impacted the
checking account and the owner's equity account. In your journal entry, which account do
you credit score? - ANS-- Owner's equity account
Becky supplied a service to a customer, and they have not begun to pay. Which form of
magazine entry would need to be made? - ANS-- An Accrual
bill vs invoice - ANS-invoice = due now. Invoice = due in destiny
can you have got cutting-edge and long-time period liabilities at the Balance Sheet? -
ANS-yes
Caren Cosmos is the world's maximum popular soft rock folks singer. She sold t-shirts on
line last year and made $7,000. The cash from those income went at once into her
non-public banking account which she used for her private wishes. Which key accounting
assumption did Caren ignore? - ANS-- Entity Assumption
Cash Basis Accounting - ANS-Reporting earnings when the coins is received and prices
while the cash is paid.
Cash Flow Statement: 3 sorts, definition & purpose - ANS-A precis that shows total income
and spending for a given time period
Certificate
Three reasons you can have a distinction when reconciling the financial institution account -
ANS-1. You are trying to reconcile to the incorrect ending balance
2. You're missing a transaction that has cleared the financial institution account
3. The quantity you recorded the transaction for does no longer suit the quantity that
suggests on the bank statement
five Bookkeeping Ethics - ANS-1. Objectivity
2. Competence
three. Integrity
four. Confidentiality
five. Professional conduct
A Balance Sheet has 4 elements: a heading, property, liabilities, and ______. - ANS-- equity
A commercial enterprise owner plays a service and is paid whilst the process is completed.
The owner might then input this transaction into accounting software as: - ANS-- A Sales
Receipt
A commercial enterprise owner performs a provider however isn't always paid when the job
is achieved. Using their accounting software program, the owner could input the transaction
as: - ANS-- An Invoice
A organization is considered a Going Concern while it: - ANS-- Is stable, capable of function
and capable of meet its economic duties.
A purchaser paid earlier for a carrier. They want to cancel the provider. If the enterprise
proprietor wishes to use that cash towards the consumer's next provider, the owner might
input that transaction into their accounting software as: - ANS-- A Credit Memo
A shape or announcement that lists the titles and balances of all ledger bills at a given date
is called: - ANS-- Trial stability
A listing of the names of the accounts that a corporation has identified and made to be had
for recording transactions in its wellknown ledger is known as a: - ANS-- Chart of Accounts
A sales manager purchases office elements with the employer credit score card. This
transaction impacts the money owed payable and the office materials debts. In your
magazine entry, which account do you credit? - ANS-- Accounts payable
A agenda that contains all bills needed to prepare monetary statements is referred to as: -
ANS-- The General Ledger
A seasonal business like Lou's Landscaping could have reduced coins throughout low
season months. Which financial announcement might display the cash inflows and outflows
for a selected month? - ANS-- Cash Flow Statement
A trial balance that is ready after considering all the adjusting entries is known as: - ANS--
Adjusted Trial Balance
A trial balance in which general debits same overall credit suggests: - ANS-- The ledger is in
balance.
A manner of bookkeeping that tracks which accounts increase and which lower for a given
transaction is known as: - ANS-- Double-entry Accounting
, According to the Revenue Recognition Principle, while ought to a commercial enterprise
recognize its sales? - ANS-- When it's miles earned
Accounts Payable - ANS-Amounts to be paid in the destiny for items or offerings already
acquired
Accounts payable could be an instance of what type of account? - ANS-- A liability account.
Accounts Receivable - ANS-Amounts to be acquired within the future due to the sale of
goods or offerings
Accounts receivable would be an instance of what sort of account? - ANS-- An asset
account.
Accrual assumption - ANS-Transactions are recorded using the accrual basis of accounting,
where the popularity of sales and costs arises when earned or used, respectively. If this
assumption isn't always real, a business need to rather use the coins foundation of
accounting
Accrual Basis Accounting - ANS-reporting income when it's miles earned and expenses
whilst they're incurred
gathered prices - ANS-charges incurred however not yet paid in coins or recorded
Accrued Revenues - ANS-sales for services completed however not yet obtained in cash or
recorded
Accumulated Depreciation - ANS-the whole quantity of depreciation fee that has been
recorded considering that the acquisition of an asset
After analysis, the enterprise transaction is recorded in the magazine in: - ANS--
Chronological order
After the Unadjusted Trial Balance is created, the procedure of going lower back and
updating facts is known as: - ANS-- Making adjustments
An accounting approach wherein revenues are suggested whilst they may be earned and
prices are pronounced when they are incurred is called: - ANS-- Accrual Accounting
An proprietor added in a bit of device for servicing and paid for the repair with a test. The
proprietor might then input the transaction into their accounting software program as: - ANS--
A Vendor Check
An owner has deposited numerous bills they've acquired from customers into the
commercial enterprise's bank account. The owner could then input this transaction of their
accounting software as: - ANS-- A Bank Deposit
An proprietor invests $1000 in the business enterprise. This transaction impacted the
checking account and the owner's equity account. In your journal entry, which account do
you credit score? - ANS-- Owner's equity account
Becky supplied a service to a customer, and they have not begun to pay. Which form of
magazine entry would need to be made? - ANS-- An Accrual
bill vs invoice - ANS-invoice = due now. Invoice = due in destiny
can you have got cutting-edge and long-time period liabilities at the Balance Sheet? -
ANS-yes
Caren Cosmos is the world's maximum popular soft rock folks singer. She sold t-shirts on
line last year and made $7,000. The cash from those income went at once into her
non-public banking account which she used for her private wishes. Which key accounting
assumption did Caren ignore? - ANS-- Entity Assumption
Cash Basis Accounting - ANS-Reporting earnings when the coins is received and prices
while the cash is paid.
Cash Flow Statement: 3 sorts, definition & purpose - ANS-A precis that shows total income
and spending for a given time period
