Intuit Bookkeeping Exam Update | Intuit Bookkeeping Professional Certificate Exam Questions And Correct Answers Rated A+

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 {Ans: Allowance Method}One or more but no single person or group owns a nonprofit. A public organization governed by a board of directors. No personal liability, A founder can become a staff employee or executive director in order to get paid a reasonable salary. Paid out of wages and will show on the balance sheet {Ans: Nonprofit Corporation}Sole Proprietorship {Ans: a business owned and managed by a single individual}Deferred Revenue {Ans: A liability created when a business collects cash from customers in advance of completing a service or delivering a product.}A measure of a company's profitability. Shows the percentage of revenue that exceeds COGS {Ans: Gross Profit Margin}First-In, First-Out (FIFO) {Ans: Method to assign cost to inventory that assumes items are sold in the order acquired; earliest items purchased are the first sold.}