Intuit Bookkeeping
Professional Certificate TEST
EXAM (ACTUAL 2025)
WITH QUESTIONS AND
VERIFIED DETAILED
ANSWERS
,True or False: The depreciation of a vehicle is not something
that can be entered as an adjustment. - <<<Answers>>>- F
alse
Which accounting assumption allows bookkeepers to break a
company's financial life into smaller chunks of time? -
<<<Answers>>>- The Periodicity Assumption
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? -
<<<Answers>>>- Entity Assumption
Going Concern Assumption - <<<Answers>>>The
assumption that the company will continue in operation for
the foreseeable future.
Reliability Assumption - <<<Answers>>>Only those
transactions that can be adequately proven should be
recorded.
Time Period Assumption - <<<Answers>>>Assumption
that an organization's activities can be divided into specific
time periods such as months, quarters, or years.
, Accrual Basis Accounting - <<<Answers>>>reporting
income when it is earned and expenses when they are incurred
Cash Basis Accounting - <<<Answers>>>Reporting
income when the cash is received and expenses when the cash
is paid.
Natural Accounts - <<<Answers>>>the categories to
which various costs are charged in the normal financial
accounting cycle
current assets - <<<Answers>>>cash and other assets
expected to be exchanged for cash or consumed within a year
long term assets - <<<Answers>>>assets that are
expected to be used in business operations for longer than one
year
Accounts Receivable - <<<Answers>>>Amounts to be
received in the future due to the sale of goods or services
Accounts Payable - <<<Answers>>>Amounts to be paid
in the future for goods or services already acquired
Professional Certificate TEST
EXAM (ACTUAL 2025)
WITH QUESTIONS AND
VERIFIED DETAILED
ANSWERS
,True or False: The depreciation of a vehicle is not something
that can be entered as an adjustment. - <<<Answers>>>- F
alse
Which accounting assumption allows bookkeepers to break a
company's financial life into smaller chunks of time? -
<<<Answers>>>- The Periodicity Assumption
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? -
<<<Answers>>>- Entity Assumption
Going Concern Assumption - <<<Answers>>>The
assumption that the company will continue in operation for
the foreseeable future.
Reliability Assumption - <<<Answers>>>Only those
transactions that can be adequately proven should be
recorded.
Time Period Assumption - <<<Answers>>>Assumption
that an organization's activities can be divided into specific
time periods such as months, quarters, or years.
, Accrual Basis Accounting - <<<Answers>>>reporting
income when it is earned and expenses when they are incurred
Cash Basis Accounting - <<<Answers>>>Reporting
income when the cash is received and expenses when the cash
is paid.
Natural Accounts - <<<Answers>>>the categories to
which various costs are charged in the normal financial
accounting cycle
current assets - <<<Answers>>>cash and other assets
expected to be exchanged for cash or consumed within a year
long term assets - <<<Answers>>>assets that are
expected to be used in business operations for longer than one
year
Accounts Receivable - <<<Answers>>>Amounts to be
received in the future due to the sale of goods or services
Accounts Payable - <<<Answers>>>Amounts to be paid
in the future for goods or services already acquired
