Intuit Academy Bookkeeping Exam with ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers ||\\||\\
Four Key Elements of Bookkeeping Ethics - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔Honesty, Objectivity, Confidentiality and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Professionalism
What is DEALER - correct answers✔✔Dividends + Expenses +
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Assets = Liabilities + Owner's Equity (beginning) + Revenue
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What's is the accounting Equation? - correct answers✔✔Assets ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
= Liabilities + Equity
||\\||\\ ||\\||\\ ||\\||\\
Profit and Loss statement. Shows the company's revenues and
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
expenses during a particular period - correct answers✔✔The ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Income Statement ||\\||\\
A financial statement that reports a company's assets, liabilities,
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
and equity at a specific point in time - correct answers✔✔The
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Balance Sheet ||\\||\\
,Reports the changes in company equity, from the opening ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
balance to the end of the period balance. - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔The Statement of Equity ||\\||\\ ||\\||\\ ||\\||\\
Reports the sources and uses of cash by a business - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔The Statement of Cash Flow ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Accounting Cycle - correct answers✔✔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 -
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers✔✔Sales Receipt ||\\||\\ ||\\||\\
If customers does not pay at the time of sale you must enter it
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
as a - correct answers✔✔Invoice
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, Once and customer has paid an invoice it goes to - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔Receive payment ||\\||\\
Receive payment and sales receipt are followed by - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔Bank deposit ||\\||\\
Step 4 of The Accounting Cycle: Preparing adjusted entries
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
includes - correct answers✔✔Deferrals, Accruals, Missing ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Transactions, and Tax Adjustments ||\\||\\ ||\\||\\ ||\\||\\
An entry to record a current payment or expense at a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
later period when the money has actually been earned or
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
incurred. Deferral entries remove transactions that belong to a ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
different time period. - correct answers✔✔Deferral ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
An entry to record a future revenue or expense in the
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
current period, even if money hasn't been paid or
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
received yet. - correct answers✔✔Accrual ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers ||\\||\\
Four Key Elements of Bookkeeping Ethics - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔Honesty, Objectivity, Confidentiality and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Professionalism
What is DEALER - correct answers✔✔Dividends + Expenses +
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Assets = Liabilities + Owner's Equity (beginning) + Revenue
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What's is the accounting Equation? - correct answers✔✔Assets ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
= Liabilities + Equity
||\\||\\ ||\\||\\ ||\\||\\
Profit and Loss statement. Shows the company's revenues and
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
expenses during a particular period - correct answers✔✔The ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Income Statement ||\\||\\
A financial statement that reports a company's assets, liabilities,
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
and equity at a specific point in time - correct answers✔✔The
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Balance Sheet ||\\||\\
,Reports the changes in company equity, from the opening ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
balance to the end of the period balance. - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔The Statement of Equity ||\\||\\ ||\\||\\ ||\\||\\
Reports the sources and uses of cash by a business - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔The Statement of Cash Flow ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Accounting Cycle - correct answers✔✔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 -
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers✔✔Sales Receipt ||\\||\\ ||\\||\\
If customers does not pay at the time of sale you must enter it
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
as a - correct answers✔✔Invoice
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, Once and customer has paid an invoice it goes to - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔Receive payment ||\\||\\
Receive payment and sales receipt are followed by - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔Bank deposit ||\\||\\
Step 4 of The Accounting Cycle: Preparing adjusted entries
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
includes - correct answers✔✔Deferrals, Accruals, Missing ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Transactions, and Tax Adjustments ||\\||\\ ||\\||\\ ||\\||\\
An entry to record a current payment or expense at a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
later period when the money has actually been earned or
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
incurred. Deferral entries remove transactions that belong to a ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
different time period. - correct answers✔✔Deferral ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
An entry to record a future revenue or expense in the
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
current period, even if money hasn't been paid or
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
received yet. - correct answers✔✔Accrual ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
