Intuit Bookkeeping Exam 2024/2025
Exam Questions and Answers | 100%
Pass
Four Key Elements of Bookkeeping Ethics - 🧠 ANSWER ✔✔Honesty,
Objectivity, Confidentiality and Professionalism
What is DEALER - 🧠 ANSWER ✔✔Dividends + Expenses + Assets =
Liabilities + Owner's Equity (beginning) + Revenue
What's is the accounting Equation? - 🧠 ANSWER ✔✔Assets = Liabilities +
Equity
Profit and Loss statement. Shows the company's revenues and expenses
during a particular period - 🧠 ANSWER ✔✔The Income Statement
A financial statement that reports a company's assets, liabilities, and equity
at a specific point in time - 🧠 ANSWER ✔✔The Balance Sheet
Reports the changes in company equity, from the opening balance to the
end of the period balance. - 🧠 ANSWER ✔✔The Statement of Equity
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,Reports the sources and uses of cash by a business - 🧠 ANSWER ✔✔The
Statement of Cash Flow
Accounting Cycle - 🧠 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 - 🧠 ANSWER
✔✔Sales Receipt
If customers does not pay at the time of sale you must enter it as a - 🧠
ANSWER ✔✔Invoice
Once and customer has paid an invoice it goes to - 🧠 ANSWER
✔✔Receive payment
Receive payment and sales receipt are followed by - 🧠 ANSWER ✔✔Bank
deposit
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
, Step 4 of The Accounting Cycle: Preparing adjusted entries includes - 🧠
ANSWER ✔✔Deferrals, Accruals, Missing Transactions, and Tax
Adjustments
Removing transactions that belong to a different period - 🧠 ANSWER
✔✔Deferral
Opposite of deferral. Concern future payments or expenses - 🧠 ANSWER
✔✔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 - 🧠
ANSWER ✔✔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. - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔Full Disclosure Principle
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
Exam Questions and Answers | 100%
Pass
Four Key Elements of Bookkeeping Ethics - 🧠 ANSWER ✔✔Honesty,
Objectivity, Confidentiality and Professionalism
What is DEALER - 🧠 ANSWER ✔✔Dividends + Expenses + Assets =
Liabilities + Owner's Equity (beginning) + Revenue
What's is the accounting Equation? - 🧠 ANSWER ✔✔Assets = Liabilities +
Equity
Profit and Loss statement. Shows the company's revenues and expenses
during a particular period - 🧠 ANSWER ✔✔The Income Statement
A financial statement that reports a company's assets, liabilities, and equity
at a specific point in time - 🧠 ANSWER ✔✔The Balance Sheet
Reports the changes in company equity, from the opening balance to the
end of the period balance. - 🧠 ANSWER ✔✔The Statement of Equity
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,Reports the sources and uses of cash by a business - 🧠 ANSWER ✔✔The
Statement of Cash Flow
Accounting Cycle - 🧠 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 - 🧠 ANSWER
✔✔Sales Receipt
If customers does not pay at the time of sale you must enter it as a - 🧠
ANSWER ✔✔Invoice
Once and customer has paid an invoice it goes to - 🧠 ANSWER
✔✔Receive payment
Receive payment and sales receipt are followed by - 🧠 ANSWER ✔✔Bank
deposit
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
, Step 4 of The Accounting Cycle: Preparing adjusted entries includes - 🧠
ANSWER ✔✔Deferrals, Accruals, Missing Transactions, and Tax
Adjustments
Removing transactions that belong to a different period - 🧠 ANSWER
✔✔Deferral
Opposite of deferral. Concern future payments or expenses - 🧠 ANSWER
✔✔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 - 🧠
ANSWER ✔✔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. - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔Full Disclosure Principle
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
