INTUIT ACADEMY BOOKKEEPING EXAM-ACTUAL EXAM |LATEST UPDATE
2025 COMPLETE QUESTIONS WITH CORRECT DETAILED AND VERIFIED
ANSWERS| MOSTLY TESTED QUESTIONS –RATED 100% CORRECT!!
GUARANTEED PASS!!ALREADY GRADED A+
Four Key Elements of Bookkeeping Ethics - (answers)Honesty, Objectivity, Confidentiality and
Professionalism
What is DEALER - (answers)Dividends + Expenses + Assets = Liabilities + Owner's Equity
(beginning) + Revenue
What's is the accounting Equation? - (answers)Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period - (answers)The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in
time - (answers)The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period
balance. - (answers)The Statement of Equity
Reports the sources and uses of cash by a business - (answers)The Statement of Cash Flow
Accounting Cycle - (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 - (answers)Sales Receipt
If customers does not pay at the time of sale you must enter it as a - (answers)Invoice
Once and customer has paid an invoice it goes to - (answers)Receive payment
Receive payment and sales receipt are followed by - (answers)Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes - (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. -
(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. - (answers)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 - (answers)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. - (answers)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 - (answers)Full Disclosure Principle
When choosing between two solutions, the one that will be least likely to overstate assets and
income should be selected. - (answers)Conservatism Assumption
States that an amount can be ignored if its effect on the financial statements is small and not
misleading - (answers)Materiality Principle
Once you adopt an accounting principle or method, continue to follow it consistently in future
accounting periods so that the results reported from period to period are comparable -
(answers)Consistency Principle
One currency is used throughout all accounting activities. In the US the dollar is the currency
used in accounting. When this currency is used, inflation is not a consideration in recording
finances - (answers)Monetary Unit Assumption
Refers to a business that is stable enough to operate and meet its obligation for the future -
(answers)Going Concern Assumption
Revenue is recognized when payment is received and expenses are recognized when paid out -
(answers)Cash-Basis Account Method
Revenues are reported when they are earned (revenue recognized when invoices are issued to
customers, regardless of when payment is received) and expenses are reported when they are
incurred. - (answers)Accrual Method of Accounting
, A combo of cash-basis and accrual methods - (answers)Hybrid Accounting
Recognizes revenue when payment is received but expenses when they are incurred. Allows for
more accurate tracking of accounts payable and accounts receivable. - (answers)Modified
cashbasis accounting
Things your company owns that you can easily convert to cash and expect to do so within the
next 12 months - (answers)Currents Assets
Things your company owns that you expect to have for more than 12 months -
(answers)Longterm Assets
The total you get when adding all current assets and all long-term assets. This should equal Total
Liabilities+Total Equity - (answers)Total Assets
A physical asset, such as inventory, vehicle, or a building - (answers)Tangible Asset
Not a physical asset. Examples would be a copyright, patent, or brand recoginition -
(answers)Intangible Asset
A signed document containing a written promise to pay a stated sum to a specified person or
bearer at a specified ate or on-demand - (answers)Promissory Note
Notes Receivable - (answers)A current or non-current asset
Notes Payable - (answers)A current or non-current liability
Interest Equation - (answers)Principle x Interest (mulitply by 30/365 to find day)
Receivables, loans, or other debits that have virtually no chance of being paid -
(answers)Accounts Uncollectible
An expense that a business incurs once the repayment of credit previously extended to a
customer is estimated to be uncollectible - (answers)Bad Debt
A bad debt is charged to expense as soon as it is apparent that an invoice will not be paid. This is
easier for business owners. - (answers)Direct Write-Off Method
An estimate of the future amount of bad debt is charged to a reserve account as soon as a sale is
made. This is more accurate but complex - (answers)Allowance Method
2025 COMPLETE QUESTIONS WITH CORRECT DETAILED AND VERIFIED
ANSWERS| MOSTLY TESTED QUESTIONS –RATED 100% CORRECT!!
GUARANTEED PASS!!ALREADY GRADED A+
Four Key Elements of Bookkeeping Ethics - (answers)Honesty, Objectivity, Confidentiality and
Professionalism
What is DEALER - (answers)Dividends + Expenses + Assets = Liabilities + Owner's Equity
(beginning) + Revenue
What's is the accounting Equation? - (answers)Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period - (answers)The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in
time - (answers)The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period
balance. - (answers)The Statement of Equity
Reports the sources and uses of cash by a business - (answers)The Statement of Cash Flow
Accounting Cycle - (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 - (answers)Sales Receipt
If customers does not pay at the time of sale you must enter it as a - (answers)Invoice
Once and customer has paid an invoice it goes to - (answers)Receive payment
Receive payment and sales receipt are followed by - (answers)Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes - (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. -
(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. - (answers)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 - (answers)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. - (answers)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 - (answers)Full Disclosure Principle
When choosing between two solutions, the one that will be least likely to overstate assets and
income should be selected. - (answers)Conservatism Assumption
States that an amount can be ignored if its effect on the financial statements is small and not
misleading - (answers)Materiality Principle
Once you adopt an accounting principle or method, continue to follow it consistently in future
accounting periods so that the results reported from period to period are comparable -
(answers)Consistency Principle
One currency is used throughout all accounting activities. In the US the dollar is the currency
used in accounting. When this currency is used, inflation is not a consideration in recording
finances - (answers)Monetary Unit Assumption
Refers to a business that is stable enough to operate and meet its obligation for the future -
(answers)Going Concern Assumption
Revenue is recognized when payment is received and expenses are recognized when paid out -
(answers)Cash-Basis Account Method
Revenues are reported when they are earned (revenue recognized when invoices are issued to
customers, regardless of when payment is received) and expenses are reported when they are
incurred. - (answers)Accrual Method of Accounting
, A combo of cash-basis and accrual methods - (answers)Hybrid Accounting
Recognizes revenue when payment is received but expenses when they are incurred. Allows for
more accurate tracking of accounts payable and accounts receivable. - (answers)Modified
cashbasis accounting
Things your company owns that you can easily convert to cash and expect to do so within the
next 12 months - (answers)Currents Assets
Things your company owns that you expect to have for more than 12 months -
(answers)Longterm Assets
The total you get when adding all current assets and all long-term assets. This should equal Total
Liabilities+Total Equity - (answers)Total Assets
A physical asset, such as inventory, vehicle, or a building - (answers)Tangible Asset
Not a physical asset. Examples would be a copyright, patent, or brand recoginition -
(answers)Intangible Asset
A signed document containing a written promise to pay a stated sum to a specified person or
bearer at a specified ate or on-demand - (answers)Promissory Note
Notes Receivable - (answers)A current or non-current asset
Notes Payable - (answers)A current or non-current liability
Interest Equation - (answers)Principle x Interest (mulitply by 30/365 to find day)
Receivables, loans, or other debits that have virtually no chance of being paid -
(answers)Accounts Uncollectible
An expense that a business incurs once the repayment of credit previously extended to a
customer is estimated to be uncollectible - (answers)Bad Debt
A bad debt is charged to expense as soon as it is apparent that an invoice will not be paid. This is
easier for business owners. - (answers)Direct Write-Off Method
An estimate of the future amount of bad debt is charged to a reserve account as soon as a sale is
made. This is more accurate but complex - (answers)Allowance Method
