Intuit Bookkeeping Exam Latest Version 2025-2026| Questions and Correct
Answers | Verifi, Exams of Advanced Education
Four Key Elements of Bookkeeping Ethics - ANSWERHonesty, Objectivity,
Confidentiality and Professionalism
What is DEALER - ANSWERDividends + Expenses + Assets = Liabilities +
Owner's Equity (beginning) + Revenue
What's is the accounting Equation? - ANSWERAssets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses
during a particular period - ANSWERThe Income Statement
A financial statement that reports a company's assets, liabilities, and equity
at a specific point in time - ANSWERThe Balance Sheet
Reports the changes in company equity, from the opening balance to the end
of the period balance. - ANSWERThe Statement of Equity
, Reports the sources and uses of cash by a business - ANSWERThe Statement
of Cash Flow
Accounting Cycle - ANSWER1. 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 time of sale you must enter it as a - ANSWERSales
Receipt
If customers does not pay at the time of sale you must enter it as a -
ANSWERInvoice
Once and customer has paid an invoice it goes to - ANSWERReceive payment
Receive payment and sales receipt are followed by - ANSWERBank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes -
ANSWERDeferrals, Accruals, Missing Transactions, and Tax Adjustments
Removing transactions that belong to a different period - ANSWERDeferral
Answers | Verifi, Exams of Advanced Education
Four Key Elements of Bookkeeping Ethics - ANSWERHonesty, Objectivity,
Confidentiality and Professionalism
What is DEALER - ANSWERDividends + Expenses + Assets = Liabilities +
Owner's Equity (beginning) + Revenue
What's is the accounting Equation? - ANSWERAssets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses
during a particular period - ANSWERThe Income Statement
A financial statement that reports a company's assets, liabilities, and equity
at a specific point in time - ANSWERThe Balance Sheet
Reports the changes in company equity, from the opening balance to the end
of the period balance. - ANSWERThe Statement of Equity
, Reports the sources and uses of cash by a business - ANSWERThe Statement
of Cash Flow
Accounting Cycle - ANSWER1. 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 time of sale you must enter it as a - ANSWERSales
Receipt
If customers does not pay at the time of sale you must enter it as a -
ANSWERInvoice
Once and customer has paid an invoice it goes to - ANSWERReceive payment
Receive payment and sales receipt are followed by - ANSWERBank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes -
ANSWERDeferrals, Accruals, Missing Transactions, and Tax Adjustments
Removing transactions that belong to a different period - ANSWERDeferral
