Intuit Bookkeeping Exam Update 2024- 2025
| Intuit Bookkeeping Professional Certificate
Exam 2024-2025 Questions and Correct
Answers Rated A+
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
Only transactions that can be proven should be recorded in accounting
practices. And what this means is that businesses must be able to prove
transactions through such things as receipts, billing statements, invoices,
and bank statements. - ANSWER- Reliability Assumption
All info that is relative to the business and is important to a lender or
investor has to be disclosed in financial statements or in the notes of the
statements - ANSWER-Full Disclosure Principle
When choosing between two solutions, the one that will be least likely to
overstate assets and income should be selected. - ANSWER-Conservatism
Assumption
States that an amount can be ignored if its effect on the financial
statements is small and not misleading - ANSWER-Materiality Principle
Once you adopt an accounting principle or method, continue to follow it
consistently in future accounting periods so that the results reported from
period to period are comparable - ANSWER-Consistency Principle
, One currency is used throughout all accounting activities. In the US the
dollar is the currency used in accounting. When this currency is used,
inflation is not a consideration in recording finances - ANSWER-Monetary
Unit Assumption
Refers to a business that is stable enough to operate and meet its
obligation for the future - ANSWER-Going Concern Assumption
Revenue is recognized when payment is received and expenses are
recognized when paid out - ANSWER-Cash-Basis Account Method
Revenues are reported when they are earned and expenses are reported
when they are incurred - ANSWER-Accrual Method of Accounting
A combo of cash-basis and accrual methods - ANSWER-Hybrid Accounting
Things your company owns that you can easily convert to cash and expect
to do so within the next 12 months - ANSWER-Currents Assets
Things your company owns that you expect to have for more than
12 months - ANSWER-Long-term Assets
The total you get when adding all current assets and all long-term assets.
This should equal Total Liabilities+Toal Equity - ANSWER-Total Assets
A physical asset, such as inventory, vehicle, or a building - ANSWER-Tangible
Asset
Not a physical asset. Examples would be a copyright, patent, or brand
recoginition - ANSWER-Intangible Asset
A signed document containing a written promise to pay a stated sum to a
specified person or bearer at a specified ate or on-demand - ANSWER-
Promissory Note
Notes Receivable - ANSWER-A current or non-current asset
Notes Payable - ANSWER-A current or non-current liability
| Intuit Bookkeeping Professional Certificate
Exam 2024-2025 Questions and Correct
Answers Rated A+
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
Only transactions that can be proven should be recorded in accounting
practices. And what this means is that businesses must be able to prove
transactions through such things as receipts, billing statements, invoices,
and bank statements. - ANSWER- Reliability Assumption
All info that is relative to the business and is important to a lender or
investor has to be disclosed in financial statements or in the notes of the
statements - ANSWER-Full Disclosure Principle
When choosing between two solutions, the one that will be least likely to
overstate assets and income should be selected. - ANSWER-Conservatism
Assumption
States that an amount can be ignored if its effect on the financial
statements is small and not misleading - ANSWER-Materiality Principle
Once you adopt an accounting principle or method, continue to follow it
consistently in future accounting periods so that the results reported from
period to period are comparable - ANSWER-Consistency Principle
, One currency is used throughout all accounting activities. In the US the
dollar is the currency used in accounting. When this currency is used,
inflation is not a consideration in recording finances - ANSWER-Monetary
Unit Assumption
Refers to a business that is stable enough to operate and meet its
obligation for the future - ANSWER-Going Concern Assumption
Revenue is recognized when payment is received and expenses are
recognized when paid out - ANSWER-Cash-Basis Account Method
Revenues are reported when they are earned and expenses are reported
when they are incurred - ANSWER-Accrual Method of Accounting
A combo of cash-basis and accrual methods - ANSWER-Hybrid Accounting
Things your company owns that you can easily convert to cash and expect
to do so within the next 12 months - ANSWER-Currents Assets
Things your company owns that you expect to have for more than
12 months - ANSWER-Long-term Assets
The total you get when adding all current assets and all long-term assets.
This should equal Total Liabilities+Toal Equity - ANSWER-Total Assets
A physical asset, such as inventory, vehicle, or a building - ANSWER-Tangible
Asset
Not a physical asset. Examples would be a copyright, patent, or brand
recoginition - ANSWER-Intangible Asset
A signed document containing a written promise to pay a stated sum to a
specified person or bearer at a specified ate or on-demand - ANSWER-
Promissory Note
Notes Receivable - ANSWER-A current or non-current asset
Notes Payable - ANSWER-A current or non-current liability
