INTUIT ACADEMY BOOKKEEPING
PROFESSIONAL CERTIFICATE EXAM
NEWEST ACTUAL EXAM WITH COMPLETE
QUESTIONS AND DETAILED ANSWERS
GRADED A | 100% VERIFIED
Caren Cosmos is the world's most popular soft rock folk singer.
She sold t-shirts online last year and made $7,000. The money
from these sales went directly into her personal banking
account which she used for her personal needs. Which key
accounting assumption did Caren ignore? - ✔✔✔ Correct
Answer > - Entity Assumption
A Balance Sheet has four parts: a heading, assets, liabilities, and
______. - ✔✔✔ Correct Answer > - equity
True or False: Financial reports should be produced before any
adjustments have been made. - ✔✔✔ Correct Answer > - False
An owner has deposited several payments they've received
from customers into the business's bank account. The owner
,would then enter this transaction in their accounting software
as: - ✔✔✔ Correct Answer > - A Bank Deposit
After the Unadjusted Trial Balance is created, the process of
going back and updating information is known as: - ✔✔✔
Correct Answer > - Making adjustments
An owner brought in a piece of equipment for servicing and
paid for the repair with a check. The owner would then enter
the transaction into their accounting software as: - ✔✔✔
Correct Answer > - A Vendor Check
The document that shows all of the account balances after
adjustments have been made is known as: - ✔✔✔ Correct
Answer > - The Adjusted Trial Balance
Becky provided a service to a customer, and they have yet to
pay. Which type of journal entry would need to be made? -
✔✔✔ Correct Answer > - An Accrual
True or False: The depreciation of a vehicle is not something
that can be entered as an adjustment. - ✔✔✔ Correct Answer >
- False
,Which accounting assumption allows bookkeepers to break a
company's financial life into smaller chunks of time? - ✔✔✔
Correct Answer > - The Periodicity Assumption
An accounting method in which revenues are reported when
they are earned and expenses are reported when they are
incurred is called: - ✔✔✔ Correct Answer > - Accrual
Accounting
What is the Reliability Assumption? - ✔✔✔ Correct Answer > -
All companies accounting transactions MUST be verified
through invoices, billing statements, receipts, and bank
statements.
What is the Full Disclosure Principle? - ✔✔✔ Correct Answer > -
All information relative to the business that is important to a
lender or invested MUST be disclosed in financial statements or
notes in the statements
What is the Conservatism Assumption? - ✔✔✔ Correct Answer
> - When bookkeepers are uncertain and need to determine
how to report an item.
, - Choose the option that shows less income or asset benefit
- Potential losses can be recorded, potential gains, CANNOT.
When a bookkeeper is using the US dollar as currency in
accounting and is not considering changes in the value of that
currency she is employing the: - ✔✔✔ Correct Answer > -
Monetary Unit Assumption
This assumption / principle is very subjective and should be
used with caution outside of rounding to the nearest dollar
when entering financial information. - ✔✔✔ Correct Answer > -
Materiality Principle
A company is considered a Going Concern when it: - ✔✔✔
Correct Answer > - Is stable, able to operate and able to meet
its financial obligations.
Cecilia Tubular sells 1980s themed enamel pins. She has a huge
inventory she purchased in 1984 at $0.10 each. They are now
worth $1 each. According to the Monetary Unit Assumption,
you: - ✔✔✔ Correct Answer > - Keep the value of the pins at
$0.10 each.
PROFESSIONAL CERTIFICATE EXAM
NEWEST ACTUAL EXAM WITH COMPLETE
QUESTIONS AND DETAILED ANSWERS
GRADED A | 100% VERIFIED
Caren Cosmos is the world's most popular soft rock folk singer.
She sold t-shirts online last year and made $7,000. The money
from these sales went directly into her personal banking
account which she used for her personal needs. Which key
accounting assumption did Caren ignore? - ✔✔✔ Correct
Answer > - Entity Assumption
A Balance Sheet has four parts: a heading, assets, liabilities, and
______. - ✔✔✔ Correct Answer > - equity
True or False: Financial reports should be produced before any
adjustments have been made. - ✔✔✔ Correct Answer > - False
An owner has deposited several payments they've received
from customers into the business's bank account. The owner
,would then enter this transaction in their accounting software
as: - ✔✔✔ Correct Answer > - A Bank Deposit
After the Unadjusted Trial Balance is created, the process of
going back and updating information is known as: - ✔✔✔
Correct Answer > - Making adjustments
An owner brought in a piece of equipment for servicing and
paid for the repair with a check. The owner would then enter
the transaction into their accounting software as: - ✔✔✔
Correct Answer > - A Vendor Check
The document that shows all of the account balances after
adjustments have been made is known as: - ✔✔✔ Correct
Answer > - The Adjusted Trial Balance
Becky provided a service to a customer, and they have yet to
pay. Which type of journal entry would need to be made? -
✔✔✔ Correct Answer > - An Accrual
True or False: The depreciation of a vehicle is not something
that can be entered as an adjustment. - ✔✔✔ Correct Answer >
- False
,Which accounting assumption allows bookkeepers to break a
company's financial life into smaller chunks of time? - ✔✔✔
Correct Answer > - The Periodicity Assumption
An accounting method in which revenues are reported when
they are earned and expenses are reported when they are
incurred is called: - ✔✔✔ Correct Answer > - Accrual
Accounting
What is the Reliability Assumption? - ✔✔✔ Correct Answer > -
All companies accounting transactions MUST be verified
through invoices, billing statements, receipts, and bank
statements.
What is the Full Disclosure Principle? - ✔✔✔ Correct Answer > -
All information relative to the business that is important to a
lender or invested MUST be disclosed in financial statements or
notes in the statements
What is the Conservatism Assumption? - ✔✔✔ Correct Answer
> - When bookkeepers are uncertain and need to determine
how to report an item.
, - Choose the option that shows less income or asset benefit
- Potential losses can be recorded, potential gains, CANNOT.
When a bookkeeper is using the US dollar as currency in
accounting and is not considering changes in the value of that
currency she is employing the: - ✔✔✔ Correct Answer > -
Monetary Unit Assumption
This assumption / principle is very subjective and should be
used with caution outside of rounding to the nearest dollar
when entering financial information. - ✔✔✔ Correct Answer > -
Materiality Principle
A company is considered a Going Concern when it: - ✔✔✔
Correct Answer > - Is stable, able to operate and able to meet
its financial obligations.
Cecilia Tubular sells 1980s themed enamel pins. She has a huge
inventory she purchased in 1984 at $0.10 each. They are now
worth $1 each. According to the Monetary Unit Assumption,
you: - ✔✔✔ Correct Answer > - Keep the value of the pins at
$0.10 each.
