Intuit Bookkeeping Exam with correct answers

Intuit Bookkeeping Exam with correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




answers


Four Key Elements of Bookkeeping Ethics - correct
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answers✔✔Honesty, Objectivity, Confidentiality and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




Professionalism


What is DEALER - correct answers✔✔Dividends + Expenses +
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Assets = Liabilities + Owner's Equity (beginning) + Revenue
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What's is the accounting Equation? - correct answers✔✔Assets ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




= Liabilities + Equity
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Profit and Loss statement. Shows the company's revenues and
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expenses during a particular period - correct answers✔✔The ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




Income Statement ||\\||\\




A financial statement that reports a company's assets, liabilities,
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and equity at a specific point in time - correct answers✔✔The
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Balance Sheet ||\\||\\

,Reports the changes in company equity, from the opening ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




balance to the end of the period balance. - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




answers✔✔The Statement of Equity ||\\||\\ ||\\||\\ ||\\||\\




Reports the sources and uses of cash by a business - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




answers✔✔The Statement of Cash Flow ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




Accounting Cycle - correct answers✔✔1. Analyze and record ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




transactions
2. Post transactions to ledger
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3. Prepare an unadjusted trial balance
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4. Prepare adjusted entries at the end of the period
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5. Prepare adjusted trial balance
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6. Prepare financial statements
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If customers pays at the time of sale you must enter it as a -
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correct answers✔✔Sales Receipt ||\\||\\ ||\\||\\




If customers does not pay at the time of sale you must enter it
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as a - correct answers✔✔Invoice
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, Once and customer has paid an invoice it goes to - correct
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answers✔✔Receive payment ||\\||\\




Receive payment and sales receipt are followed by - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




answers✔✔Bank deposit ||\\||\\




Step 4 of The Accounting Cycle: Preparing adjusted entries
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includes - correct answers✔✔Deferrals, Accruals, Missing ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




Transactions, and Tax Adjustments ||\\||\\ ||\\||\\ ||\\||\\




Removing transactions that belong to a different period - ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




correct answers✔✔Deferral ||\\||\\




Opposite of deferral. Concern future payments or expenses - ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




correct answers✔✔Accruals ||\\||\\




The Business is a separate entity, so the activities of a business
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must be kept separate from any other financial activities of its
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business owners - correct answers✔✔Economic Entity ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




Assumption