Bookkeeping Study guides, Class notes & Summaries

Intuit Academy Bookkeeping Professional Certificate Liabilities and Equity questions and answers.

Intuit Academy Bookkeeping Professional Certificate Liabilities and Equity questions and answers.

INTUIT BOOKKEEPING ACTUAL EXAM WITH QUESTIONS AND CORRECT ANSWERS[GRADED A+] Four Key Elements of Bookkeeping Ethics - CORRECT ANSWER-Honesty, Objectivity, Confidentiality and Professionalism What is DEALER - CORRECT ANSWER-Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) + Revenue What's is the accounting Equation? - CORRECT ANSWER-Assets = Liabilities + Equity Profit and Loss statement. Shows the company's revenues and expenses during a particular p...

INTUIT BOOKKEEPING EXAM 2024 QUESTIONS AND CORRECT ANSWERS

Ethical Responsibilities of Accountants - 1. Can only share information with the owner and the government when asked 2. You must inform your owner if any illegal or fraudulent activity is going on 3. Have to be confidential What is the Accounting Equation? (3) - Assets - Liabilities = Owners Equity; Assets = Liabilities + Owners Equity; Liabilities = Assets - Owners Equity Income Statement - Made up of Revenue and Expenses, the bottom line of the income statement is Net Profit, income st...

Accounting Assumptions - A set of rules that ensure a company's operations and records provide consistent, reliable, and objective information following the Financial Accounting Standards Board (FASB) standards. Accounting Cycle - A multi-step process of identifying, analyzing, and recording a company's financial transactions. Accrual Accounting - An accounting method recording revenue and expenses when they occur, not when money is exchanged.

Select the false statement listed below: In the HO-3 policy, the ALE payments will be made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured to relocate in permanent living quarters, but not to exceed 24 months. C. ALE payments can run beyond the expiration of the policy. D. ALE payments are limited to incurred costs for the sh...

SECTION A Question number Answer Mark Award 1 mark as indicated for each question. 1 C Other receivables (1) 2 A Customers (1) 3 A Bank statement (1) 4 D Prepared by the trader (1) 5 B Drawings (1) 6 C Current liabilities: Other payables (1) 7 B Credit discounts received (1) 8 A Customer’s returned cheque (1) 9 D Other payables understated (1) 10 Account to be Debited Account to be credited D Purchases Equity (1) TOTAL FOR QUESTIONS 1-10 = 10 MARKS

Bookkeeping Certification Practice Test Questions and Answers 2024.

1. Select the false statement listed below: In the HO-3 policy, the ALE pay- ments will be made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured to relocate in permanent living quarters, but not to exceed 24 months. C. ALE payments can run beyond the expiration of the policy. D. ALE payments are limited to incurred costs fo...