INTUIT BOOKKEEPING EXAM COMPLETE
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
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
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
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
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
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
