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Intuit Bookkeeping Professional Certificate Exam
Actual Exam Questions And Correct Answers|
Guaranteed Pass
What is the Full Disclosure Principle? - Correct Answer > - All
information relative to the business that is important to a
lender or invested MUST be disclosed in financial statements or
notes in the statements
Cecilia Tubular sells 1980s themed enamel pins. She has a
huge inventory she purchased in 1984 at $0.10 each. They are
now worth $1 each. According to the Monetary Unit Assumption,
you: -
Correct Answer > - Keep the value of the pins at $0.10 each.
What is the Conservatism Assumption? - Correct Answer > -
When bookkeepers are uncertain and need to determine how
to report an item.
- Choose the option that shows less income or asset benefit
- Potential losses can be recorded, potential gains, CANNOT.
What are the 5 Account Types? - Correct Answer > - Assets
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- Liabilities
- Equity
- Revenue
- Expenses
When a bookkeeper is using the US dollar as currency in
accounting and is not considering changes in the value of that
currency she is employing the: - Correct Answer > - Monetary Unit
Assumption
This assumption / principle is very subjective and should be
used with caution outside of rounding to the nearest dollar
when entering financial information. - Correct Answer > -
Materiality Principle
A company is considered a Going Concern when it: - Correct
Answer > - Is stable, able to operate and able to meet its financial
obligations.
If a business is using the Consistency Principle they will: -
Correct Answer > - Adopt a specific accounting method and will
enter all similar items in the exact same way in the future.
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True or False: According to the Periodicity Assumption,
companies can only review their financial health at the end of
their fiscal year? - Correct Answer > - False
Question 2
A client owns a small vinyl sign printing company called Printing
Pros. They completed a print job for a customer on August 10,
but the customer did not pay for the service until October 15.
In which month should the revenue be recognized for this
big print job? - Correct Answer > - August
Printing Pros had another big job to do in April and needed
to hire additional help to make their deadline. The new
employee received their first paycheck at the beginning of
May.
When should Printing Pros recognize the expense of paying
their employee? - Correct Answer > - April
According to the Revenue Recognition Principle, when should a
business recognize its revenue? - Correct Answer > - When it is
earned
Which of the following best describes the Periodicity
Assumption? - Correct Answer > - Companies can assume that
business activity can be broken up into smaller measurements
of time
Intuit Bookkeeping Professional Certificate Exam
Actual Exam Questions And Correct Answers|
Guaranteed Pass
What is the Full Disclosure Principle? - Correct Answer > - All
information relative to the business that is important to a
lender or invested MUST be disclosed in financial statements or
notes in the statements
Cecilia Tubular sells 1980s themed enamel pins. She has a
huge inventory she purchased in 1984 at $0.10 each. They are
now worth $1 each. According to the Monetary Unit Assumption,
you: -
Correct Answer > - Keep the value of the pins at $0.10 each.
What is the Conservatism Assumption? - Correct Answer > -
When bookkeepers are uncertain and need to determine how
to report an item.
- Choose the option that shows less income or asset benefit
- Potential losses can be recorded, potential gains, CANNOT.
What are the 5 Account Types? - Correct Answer > - Assets
,2|Page
- Liabilities
- Equity
- Revenue
- Expenses
When a bookkeeper is using the US dollar as currency in
accounting and is not considering changes in the value of that
currency she is employing the: - Correct Answer > - Monetary Unit
Assumption
This assumption / principle is very subjective and should be
used with caution outside of rounding to the nearest dollar
when entering financial information. - Correct Answer > -
Materiality Principle
A company is considered a Going Concern when it: - Correct
Answer > - Is stable, able to operate and able to meet its financial
obligations.
If a business is using the Consistency Principle they will: -
Correct Answer > - Adopt a specific accounting method and will
enter all similar items in the exact same way in the future.
, 3|Page
True or False: According to the Periodicity Assumption,
companies can only review their financial health at the end of
their fiscal year? - Correct Answer > - False
Question 2
A client owns a small vinyl sign printing company called Printing
Pros. They completed a print job for a customer on August 10,
but the customer did not pay for the service until October 15.
In which month should the revenue be recognized for this
big print job? - Correct Answer > - August
Printing Pros had another big job to do in April and needed
to hire additional help to make their deadline. The new
employee received their first paycheck at the beginning of
May.
When should Printing Pros recognize the expense of paying
their employee? - Correct Answer > - April
According to the Revenue Recognition Principle, when should a
business recognize its revenue? - Correct Answer > - When it is
earned
Which of the following best describes the Periodicity
Assumption? - Correct Answer > - Companies can assume that
business activity can be broken up into smaller measurements
of time
