.
Intuit Bookkeeping Professional Certificate
ACTUAL EXAM COMPLETE Questions and
Detailed Answers Latest Update This Year
Term
Payroll Form 941
, Employee's monthly federal tax return Employer's monthly state tax return
Don't know?
2 of 170
Term
What is a liablity?
Give this one a try later!
Amounts to be received in the future
Your claims
due to the sale of goods or services
Amounts to be paid in the future for
Other's claims
goods or services already acquired
Don't know?
3 of 170
Term
when do you debit (decrease) a credit card on cash basis? when you
purchase the item? or when you pay off the credit card?
Give this one a try later!
, when you authorize the credit card
when you pay off the credit card
payment
when you receive the credit card
when you purchase the item
statement
Don't know?
4 of 170
Definition
reporting income when it is earned and expenses when they are
incurred
Give this one a try later!
Accrual Basis Accounting Revenue Basis Accounting
Cash Basis Accounting Tax Basis Accounting
Don't know?
5 of 170
Definition
, Transactions are recorded using the accrual basis of accounting, where
the recognition of revenues and expenses arises when earned or used,
respectively. If this assumption is not true, a business should instead
use the cash basis of accounting
Give this one a try later!
Accrual assumption
. periodicity assumption
This assumption / principle is very subjective and should be used with caution
outside of rounding to the nearest dollar when entering financial information.
. cash back assumption
Don't know?
6 of 170
Term
Which accounts are reconciled?
Give this one a try later!
Accounts without statements: Cash Accounts you create internally:
accounts, Petty cash, Internal Revenue accounts, Inventory
Intuit Bookkeeping Professional Certificate
ACTUAL EXAM COMPLETE Questions and
Detailed Answers Latest Update This Year
Term
Payroll Form 941
, Employee's monthly federal tax return Employer's monthly state tax return
Don't know?
2 of 170
Term
What is a liablity?
Give this one a try later!
Amounts to be received in the future
Your claims
due to the sale of goods or services
Amounts to be paid in the future for
Other's claims
goods or services already acquired
Don't know?
3 of 170
Term
when do you debit (decrease) a credit card on cash basis? when you
purchase the item? or when you pay off the credit card?
Give this one a try later!
, when you authorize the credit card
when you pay off the credit card
payment
when you receive the credit card
when you purchase the item
statement
Don't know?
4 of 170
Definition
reporting income when it is earned and expenses when they are
incurred
Give this one a try later!
Accrual Basis Accounting Revenue Basis Accounting
Cash Basis Accounting Tax Basis Accounting
Don't know?
5 of 170
Definition
, Transactions are recorded using the accrual basis of accounting, where
the recognition of revenues and expenses arises when earned or used,
respectively. If this assumption is not true, a business should instead
use the cash basis of accounting
Give this one a try later!
Accrual assumption
. periodicity assumption
This assumption / principle is very subjective and should be used with caution
outside of rounding to the nearest dollar when entering financial information.
. cash back assumption
Don't know?
6 of 170
Term
Which accounts are reconciled?
Give this one a try later!
Accounts without statements: Cash Accounts you create internally:
accounts, Petty cash, Internal Revenue accounts, Inventory
