INTUIT PRACTICE EXAMS QUESTIONS WITH CORRECT ANSWERS 2025

INTUIT PRACTICE EXAMS QUESTIONS
WITH CORRECT ANSWERS 2025
WhichMofMtheMfollowingMareMconsideredMnon-currentMliabilities?M-MCORRECTMANSWERM--
MonthlyMleaseMpaymentMonMaM10-yearMlease



-EmployeeMpension



-BondsMwithMaMmaturityMofM5Myears



WhatMisMtheMtermMforMtheMmoneyMorMassetsMgivenMtoMtheMbusinessMbyMtheMownerMorMpartners?M
-MCORRECTMANSWERM-CapitalMcontributions



AMfitnessMcompanyMissuesM500MsharesMofMcommonMstockMforM$10Meach.MHowMdoesMthisMtransact
ionMaffectMtheMaccountingMequation?M-MCORRECTMANSWERM-
AssetsMincreaseMbyM$5,000MandMequityMincreasesMbyM$5,000



AMmanufacturingMcompanyMneedsMtoMpurchaseMaMpieceMofMnewMequipmentMforM$50,000.MInMJun
e,MtheMcompanyMobtainsMaM5-
yearMloanMfromMtheMlocalMcreditMunionMwithManMinterestMrateMofM6%MperMannum,McompoundedM
monthly.MTheMloanMrequiresMequalMmonthlyMpaymentsMofM$966.64,MstartingMfromMtheMendMofMth
eMfirstMmonth.MTheMcompanyMrecordsMtheMloanMusingMtheMamortizationMmethod.M



WhatMisMtheMjournalMentryMthatMtheMcompanyMshouldMmakeMatMtheMendMofMtheMfirstMmonthMtoMr
ecordMtheMloanMpayment?M-MCORRECTMANSWERM-
DebitMinterestMexpenseM$246.58,MdebitMnotesMpayableM$720.06,McreditMcashM$966.64



WhichMtypeMofMbusinessMhasMnoMowners,MonlyMfoundersMorMboardMmembers,MandMhasMnetMasset
sMinsteadMofMequity?M-MCORRECTMANSWERM-Non-profitMorganization