Intuit Bookkeeping

You are a bookkeeper for a music venue. The owner's son contacts you privately, asking for financial information. How should you respond? A) You should not share any information, and inform the owner of the request. B) You should provide the information he is requesting. C) You should provide only general information, but not any financial reports.

A) You should not share any information, and inform the owner of the request.

Assets

Anything the business owns of value or a resource of value that has the potential to be transformed into cash

What is the Accounting Equation?

Assets = Liabilities + Equity

Never using inside information of a client for personal gain is part of which ethical principle? **study this one Honesty Objectivity Confidentiality Professionalism

Confidentiality

Which of the following tasks fall under a bookkeeper's role? Select all that apply. A) Handle bank feeds and reconcile bank accounts B) Manage accounts receivable/payable C) Record financial transactions D) Work with tax preparers and assist with tax compliance E) All of the above

E) All of the above

You are the bookkeeper for a chiropractor's office. You notice that you recorded duplicate income from several invoices last month, making it seem like more funds were available. You fix the issue and disclose the mistake to the owner. In which of the four key bookkeeping ethics elements does this scenario fall? Objectivity Confidentiality Honesty Professionalism

Honesty

Accounts payable

Money a business owes to others for goods or services.

Accounts receivable

Money that is owed to a business for providing a good or service.

Equity

Owner's stake in the business, how much they have invested or withdrawn

Liabilities

What the business owes to others

Your client's account's receivable is $6,750. What does that mean? Your client owes $6,750 to others for services or goods they received. Your client is owed $6,750 for services or goods they provided. Your client has $6,750 in revenue that has been paid to the company for work not yet performed.

Your client is owed $6,750 for services or goods they provided.