INTUIT BOOKKEEPING EXAM QUESTIONS WITH COMPLETE
SOLUTIONS GUARANTEED PASS BRAND NEW 2025
In bookkeeping, a signed agreement between two parties, used to
document money owed, interest, and payment timeframe is known as
what? >>>Promissory
- ANSWER Note
Rent for Eternal Summer is $1,200/month , but if it is prepaid , rent is only
$12,000 for the year. If Eternal Summer pays $12,000 on January 1, how
would you book this transaction? - ANSWER >>>Debit prepaid rent for
$12,000 and Credit Cash rent for $12,000
Which path would you select in Quickbooks Online to create a sales
receipt? - >>>New > Sales Receipt
ANSWER
When creating an invoice in Quickbooks Online, which path would you
choose to add a new customer? - >>>Customer > Add
ANSWERNew
True or False. The Direct Write-Off method of accounting for "Bad Debt"
adheres to the matching principle ANSWER >>>
- False
True or False. A perprtual inventory system is one that updates the
inventory account at specified ANSWER
intervals - >>>False
The inventory cost flow assumption which supposes that inventory flows
, through the system from oldest to newest is defined as what assumption?
-
ANSWER >>> First In, First Out
(FIFO )
True or False. Inventory errors will self-correct after two years (assuming
no other errors occur.) - ANSWER>>>True
True or False. PP&E and expenses are treated the same when it comes to
taxes. - >>>
ANSWERFalse
True or False. Depreciation expense is recorded on the balance sheet
below PP&E. ANSWER
- >>>False
When using QBO software, depreciation expense must be entered as a:
-
ANSWER >>> Journal
Entry
A kind of lease in which ownership of the asset is intended at the end of the
lease is called: >>>A capital
- ANSWER lease
A capital lease will show up on the profit and loss statement
-
ANSWER >>>
False
SOLUTIONS GUARANTEED PASS BRAND NEW 2025
In bookkeeping, a signed agreement between two parties, used to
document money owed, interest, and payment timeframe is known as
what? >>>Promissory
- ANSWER Note
Rent for Eternal Summer is $1,200/month , but if it is prepaid , rent is only
$12,000 for the year. If Eternal Summer pays $12,000 on January 1, how
would you book this transaction? - ANSWER >>>Debit prepaid rent for
$12,000 and Credit Cash rent for $12,000
Which path would you select in Quickbooks Online to create a sales
receipt? - >>>New > Sales Receipt
ANSWER
When creating an invoice in Quickbooks Online, which path would you
choose to add a new customer? - >>>Customer > Add
ANSWERNew
True or False. The Direct Write-Off method of accounting for "Bad Debt"
adheres to the matching principle ANSWER >>>
- False
True or False. A perprtual inventory system is one that updates the
inventory account at specified ANSWER
intervals - >>>False
The inventory cost flow assumption which supposes that inventory flows
, through the system from oldest to newest is defined as what assumption?
-
ANSWER >>> First In, First Out
(FIFO )
True or False. Inventory errors will self-correct after two years (assuming
no other errors occur.) - ANSWER>>>True
True or False. PP&E and expenses are treated the same when it comes to
taxes. - >>>
ANSWERFalse
True or False. Depreciation expense is recorded on the balance sheet
below PP&E. ANSWER
- >>>False
When using QBO software, depreciation expense must be entered as a:
-
ANSWER >>> Journal
Entry
A kind of lease in which ownership of the asset is intended at the end of the
lease is called: >>>A capital
- ANSWER lease
A capital lease will show up on the profit and loss statement
-
ANSWER >>>
False
