INTUIT BOOKKEEPING LATEST EXAM | QUESTIONS WITH CORRECT ANSWERS

INTUIT BOOKKEEPING LATEST EXAM | QUESTIONS WITH CORRECT ANSWERS
Question 1: What are the 8 steps of the Payroll Process?
CORRECT ANSWER: 1. Choose payroll system 2. Create
Payroll Policy 3. Gather Employee Info 4. Setup Direct
Deposit 5. Establish Time Tracking System 6. Collect
Employee Time Sheets 7. Approve and Submit Employee
Payroll 8. Report and Update Payroll records
Question 2: What is Accelerated Depreciation?
CORRECT ANSWER: The asset is used more earlier in its
life. Depreciate more in year 2 than year 4
Question 3: What are the steps of the Accounting Cycle?
CORRECT ANSWER: 1. Analyze and record transactions 2.
Post transactions to ledger 3. Prepare an unadjusted trial
balance 4. Prepare adjusted entries at end of period 5. Prepare
adjusted trial balance 6. Prepare financial statements

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