Intuit Bookkeeping Exam Complete
Questions | With 100% Correct Answers
graded A+ Latest Update 2026!!
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
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
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 answer -
Sales Receipt
If customers does not pay at the time of sale you must enter it as a - correct
answer -Invoice
, 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
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 answer -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 answer -Accrual
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
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. - correct
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 - correct
answer -Full Disclosure Principle
When choosing between two solutions, the one that will be least likely to overstate
assets and income should be selected. - correct answer -Conservatism
Assumption
States that an amount can be ignored if its effect on the financial statements is small
and not misleading - correct answer -Materiality Principle
Questions | With 100% Correct Answers
graded A+ Latest Update 2026!!
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
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
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 answer -
Sales Receipt
If customers does not pay at the time of sale you must enter it as a - correct
answer -Invoice
, 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
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 answer -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 answer -Accrual
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
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. - correct
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 - correct
answer -Full Disclosure Principle
When choosing between two solutions, the one that will be least likely to overstate
assets and income should be selected. - correct answer -Conservatism
Assumption
States that an amount can be ignored if its effect on the financial statements is small
and not misleading - correct answer -Materiality Principle
