Intuit Bookkeeping Final
Exam 2024-2025
,
, Four Key Elements of Bookkeeping Ethics CORRECT ANSWER: Honesty, Objectivity, Confidentiality
and Professionalism
What is DEALER CORRECT ANSWER: Dividends + Expenses + Assets = Liabilities + Owner's Equity
(beginning) + Revenue
What's is the accounting Equation? CORRECT ANSWER: Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular period
CORRECT ANSWER: The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in time
CORRECT ANSWER: The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period balance.
CORRECT ANSWER: The Statement of Equity
Reports the sources and uses of cash by a business CORRECT ANSWER: The Statement of Cash Flow
Accounting Cycle CORRECT ANSWER: 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 time of sale you must enter it as a CORRECT ANSWER: Sales Receipt
If customers does not pay at the time of sale you must enter it as a CORRECT ANSWER: Invoice
Once and customer has paid an invoice it goes to CORRECT ANSWER: Receive payment
Receive payment and sales receipt are followed by CORRECT ANSWER: Bank deposit
Exam 2024-2025
,
, Four Key Elements of Bookkeeping Ethics CORRECT ANSWER: Honesty, Objectivity, Confidentiality
and Professionalism
What is DEALER CORRECT ANSWER: Dividends + Expenses + Assets = Liabilities + Owner's Equity
(beginning) + Revenue
What's is the accounting Equation? CORRECT ANSWER: Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular period
CORRECT ANSWER: The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in time
CORRECT ANSWER: The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period balance.
CORRECT ANSWER: The Statement of Equity
Reports the sources and uses of cash by a business CORRECT ANSWER: The Statement of Cash Flow
Accounting Cycle CORRECT ANSWER: 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 time of sale you must enter it as a CORRECT ANSWER: Sales Receipt
If customers does not pay at the time of sale you must enter it as a CORRECT ANSWER: Invoice
Once and customer has paid an invoice it goes to CORRECT ANSWER: Receive payment
Receive payment and sales receipt are followed by CORRECT ANSWER: Bank deposit
