INTUIT BOOKKEEPING EXAM LATEST UPDATE COMPLETE QUESTIONS AND ANSWERS

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 Step 4 of The Accounting Cycle: Preparing adjusted entries includes - CORRECT ANSWER Deferrals, Accruals, Missing Transactions, and Tax Adjustments Removing transactions that belong to a different period - CORRECT ANSWER Deferral Opposite of deferral. Concern future payments or expenses - CORRECT ANSWER Accruals