Intuit Bookkeeping Exam / Comprehensive Study
Guide – Expert Strategies, Review of Key Quizzes,
and Practice Questions for Guaranteed Success /
Newest 2025/2026
Terms in this set (105)
Four Key Elements of Honesty, Objectivity, Confidentiality and
Bookkeeping Ethics Professionalism
What is DEALER Dividends + Expenses + Assets = Liabilities + Owner's
Equity (beginning) + Revenue
What's is the accounting Assets = Liabilities + Equity
Equation?
Profit and Loss statement. The Income Statement
Shows the company's
revenues and expenses
during a particular period
A financial statement that The Balance Sheet
reports a company's
assets, liabilities, and equity
at a specific point in time
Reports the changes in The Statement of Equity
company equity, from the
opening balance to the end
of the period balance.
Reports the sources and uses The Statement of Cash Flow
of cash by a business
, 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 Sales Receipt
time of sale you must
enter it as a
If customers does not pay at Invoice
the time of sale you must
enter it as a
Once and customer has paid Receive payment
an invoice it goes to
Receive payment and sales Bank deposit
receipt are followed by
Step 4 of The Accounting Deferrals, Accruals, Missing Transactions, and Tax
Cycle: Preparing adjusted Adjustments
entries includes
Removing transactions that Deferral
belong to a different period
Opposite of deferral. Accruals
Concern future payments or
expenses
Economic Entity Assumption
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
Guide – Expert Strategies, Review of Key Quizzes,
and Practice Questions for Guaranteed Success /
Newest 2025/2026
Terms in this set (105)
Four Key Elements of Honesty, Objectivity, Confidentiality and
Bookkeeping Ethics Professionalism
What is DEALER Dividends + Expenses + Assets = Liabilities + Owner's
Equity (beginning) + Revenue
What's is the accounting Assets = Liabilities + Equity
Equation?
Profit and Loss statement. The Income Statement
Shows the company's
revenues and expenses
during a particular period
A financial statement that The Balance Sheet
reports a company's
assets, liabilities, and equity
at a specific point in time
Reports the changes in The Statement of Equity
company equity, from the
opening balance to the end
of the period balance.
Reports the sources and uses The Statement of Cash Flow
of cash by a business
, 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 Sales Receipt
time of sale you must
enter it as a
If customers does not pay at Invoice
the time of sale you must
enter it as a
Once and customer has paid Receive payment
an invoice it goes to
Receive payment and sales Bank deposit
receipt are followed by
Step 4 of The Accounting Deferrals, Accruals, Missing Transactions, and Tax
Cycle: Preparing adjusted Adjustments
entries includes
Removing transactions that Deferral
belong to a different period
Opposite of deferral. Accruals
Concern future payments or
expenses
Economic Entity Assumption
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
