Intuit Academy: Tracking Assets and Sales
Questions And Correct Answers (Verified
Answers) | Graded A+ | New Update 2025-2026
What is the purpose of the balance sheet? - ANSWER Report the financial
position of the business
What is the purpose of the income statement? - ANSWER Report business
performance
What is the purpose of cash flows? - ANSWER Monitor incoming and outgoing
money
What is the key takeaway of the balance sheet? - ANSWER Can the business
meet current financial obligation?
What is the key takeaways of the income statement? - ANSWER How can the
business improve performance?
What are the key takeaways of the statement of cash flows? - ANSWER Where
is my money generated and spent during a time period?
What are the components of the balance sheet? - ANSWER Assets, liabilities,
and equity
, What are the components of the income statement? - ANSWER Revenues and
expenses
What are the components of the statement of cash flows? - ANSWER Cash in,
cash out.
Why should we track assets? - ANSWER Info from recorded sales, inventory,
assets, and depreciation show a business's financial performance, resources, and
obligations.
Current Assets - ANSWER Assets that can be converted into cash quickly
(within a year)
Fixed Assets (long-term assets) - ANSWER Long term assets are acquired for
the long-term benefit of the business. They extend beyond a year.
What are types of current assets? - ANSWER Cash (or cash equivalents), AR,
Inventory, Prepaid expenses, Investments (marketable securities), Notes
receivable
Notes Receivable - ANSWER Money that is owed to a business, so it is
considered an asset.
What are types of fixed assets? - ANSWER PP&E and intangible assets
What are intangible assets? - ANSWER Copyrights, Patents, IP, Goodwill
Questions And Correct Answers (Verified
Answers) | Graded A+ | New Update 2025-2026
What is the purpose of the balance sheet? - ANSWER Report the financial
position of the business
What is the purpose of the income statement? - ANSWER Report business
performance
What is the purpose of cash flows? - ANSWER Monitor incoming and outgoing
money
What is the key takeaway of the balance sheet? - ANSWER Can the business
meet current financial obligation?
What is the key takeaways of the income statement? - ANSWER How can the
business improve performance?
What are the key takeaways of the statement of cash flows? - ANSWER Where
is my money generated and spent during a time period?
What are the components of the balance sheet? - ANSWER Assets, liabilities,
and equity
, What are the components of the income statement? - ANSWER Revenues and
expenses
What are the components of the statement of cash flows? - ANSWER Cash in,
cash out.
Why should we track assets? - ANSWER Info from recorded sales, inventory,
assets, and depreciation show a business's financial performance, resources, and
obligations.
Current Assets - ANSWER Assets that can be converted into cash quickly
(within a year)
Fixed Assets (long-term assets) - ANSWER Long term assets are acquired for
the long-term benefit of the business. They extend beyond a year.
What are types of current assets? - ANSWER Cash (or cash equivalents), AR,
Inventory, Prepaid expenses, Investments (marketable securities), Notes
receivable
Notes Receivable - ANSWER Money that is owed to a business, so it is
considered an asset.
What are types of fixed assets? - ANSWER PP&E and intangible assets
What are intangible assets? - ANSWER Copyrights, Patents, IP, Goodwill
