Intuit Bookkeeping Professional Certificate
Part 3 Knowledge Checks/Activities/Quizzes
Four Key Elements of Bookkeeping Ethics - 100 correct answer as-
Honesty, Objectivity, Confidentiality and Professionalism
What is DEALER - 100 correct answer as-Dividends + Expenses +
Assets = Liabilities + Owner's Equity (beginning) + Revenue
What's is the accounting Equation? - 100 correct answer as-Assets
= Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and
expenses during a particular period - 100 correct answer as-The
Income Statement
A financial statement that reports a company's assets, liabilities, and
equity at a specific point in time - 100 correct answer as-The
Balance Sheet
Reports the changes in company equity, from the opening balance to
the end of the period balance. - 100 correct answer as-The
Statement of Equity
,Reports the sources and uses of cash by a business - 100 correct
answer as-The Statement of Cash Flow
Accounting Cycle - 100 correct answer as-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 - 100
correct answer as-Sales Receipt
If customers does not pay at the time of sale you must enter it as a -
100 correct answer as-Invoice
Once and customer has paid an invoice it goes to - 100 correct
answer as-Receive payment
Receive payment and sales receipt are followed by - 100 correct
answer as-Bank deposit
, Step 4 of The Accounting Cycle: Preparing adjusted entries includes -
100 correct answer as-Deferrals, Accruals, Missing Transactions,
and Tax Adjustments
Removing transactions that belong to a different period - 100 correct
answer as-Deferral
Opposite of deferral. Concern future payments or expenses - 100
correct answer as-Accruals
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 -
100 correct answer as-Economic Entity Assumption
Only transactions that can be proven should be recorded in accounting
practices. And what this means is that businesses must be able to prove
transactions through such things as receipts, billing statements,
invoices, and bank statements. - 100 correct answer as-Reliability
Assumption
All info that is relative to the business and is important to a lender or
investor has to be disclosed in financial statements or in the notes of
the statements - 100 correct answer as-Full Disclosure Principle
Part 3 Knowledge Checks/Activities/Quizzes
Four Key Elements of Bookkeeping Ethics - 100 correct answer as-
Honesty, Objectivity, Confidentiality and Professionalism
What is DEALER - 100 correct answer as-Dividends + Expenses +
Assets = Liabilities + Owner's Equity (beginning) + Revenue
What's is the accounting Equation? - 100 correct answer as-Assets
= Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and
expenses during a particular period - 100 correct answer as-The
Income Statement
A financial statement that reports a company's assets, liabilities, and
equity at a specific point in time - 100 correct answer as-The
Balance Sheet
Reports the changes in company equity, from the opening balance to
the end of the period balance. - 100 correct answer as-The
Statement of Equity
,Reports the sources and uses of cash by a business - 100 correct
answer as-The Statement of Cash Flow
Accounting Cycle - 100 correct answer as-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 - 100
correct answer as-Sales Receipt
If customers does not pay at the time of sale you must enter it as a -
100 correct answer as-Invoice
Once and customer has paid an invoice it goes to - 100 correct
answer as-Receive payment
Receive payment and sales receipt are followed by - 100 correct
answer as-Bank deposit
, Step 4 of The Accounting Cycle: Preparing adjusted entries includes -
100 correct answer as-Deferrals, Accruals, Missing Transactions,
and Tax Adjustments
Removing transactions that belong to a different period - 100 correct
answer as-Deferral
Opposite of deferral. Concern future payments or expenses - 100
correct answer as-Accruals
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 -
100 correct answer as-Economic Entity Assumption
Only transactions that can be proven should be recorded in accounting
practices. And what this means is that businesses must be able to prove
transactions through such things as receipts, billing statements,
invoices, and bank statements. - 100 correct answer as-Reliability
Assumption
All info that is relative to the business and is important to a lender or
investor has to be disclosed in financial statements or in the notes of
the statements - 100 correct answer as-Full Disclosure Principle
