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INTUIT BOOKKEEPING EXAM UPDATED
ACTUAL EXAM WITH CORRECT SOLUTIONS.
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 period - correct answer- The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in time - correct answer- The Balance Sheet
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Reports the changes in company equity, from the opening balance to the end of the period balance. - correct answer- The Statement of Equity
Reports the sources and uses of cash by a business - correct answer- The Statement of Cash Flow
Accounting Cycle - correct answer- 1. Analyze and record transactions
- Post transactions to ledger
- Prepare an unadjusted trial balance
- Prepare adjusted entries at the end of the period
- Prepare adjusted trial balance
- Prepare financial statements
If customers pays at the time of sale you must enter it as a - correct answer- Sales Receipt
If customers does not pay at the time of sale you must enter it as a - correct answer- Invoice
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Once and customer has paid an invoice it goes to - correct answer- Receive payment
Receive payment and sales receipt are followed by - correct answer- Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries
includes - correct answer- Deferrals, Accruals, Missing Transactions, and Tax Adjustments
Removing transactions that belong to a different period - correct answer- Deferral
Opposite of deferral. Concern future payments or expenses - correct 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 - correct answer- Economic Entity Assumption
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