Exam (elaborations)
Intuit Bookkeeping Professional Certificate 2024/25
- Course
- Institution
Intuit Bookkeeping Professional Certificate 2024/25
[Show more]
Content preview
Intuit Bookkeeping Professional Certificate 2024/25What are the 5 Account Types? - ANSWER - Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - ANSWER Assets =
Liabilities + Equity
What does DEA/LER stand for? - ANSWER - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
,What are the 5 steps of the Accounting-Cycle? - ANSWER
1. Identify transactions
2. record transactions
3. run reports
4. adjusting entries
5. close the books
What are the 4 Types of financial statements? - ANSWER
- The income statement (aka P&L statement: Income, COGS, expenses)
- The balance sheet (assets, liabilities, equity)
- The statement of equity
- The statement of cash flow
What are the 4 types of accounting adjustments? - ANSWER
- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
,What tasks would a bookkeeper do? - ANSWER - Handle
bank feeds and reconciles bank accounts, managing accounts receivable/payable,
and record financial transactions
Mary Smith is the owner and operator of Smith Construction. At the end of the
company's accounting period, December 31, 2020, Smith Construction has assets
totaling $760,000 and liabilities totaling $240,000.
Use the accounting equation to calculate what Mary's Owner Equity would be as
of December 31, 2020. - ANSWER - $520,000
Mike Anderson is the owner and operator of Anderson Consulting. At the end of
2019, the company's assets totaled $500,000 and its liabilities totaled $175,000.
Assuming that over the 2020 fiscal year, assets increased by $120,000 and
liabilities increased by $72,000, use the accounting equation to determine what
Mike's Owner's equity will be as of December 31, 2020? - ANSWER
- $373,000
Maria Garcia owns a software consulting firm. At the beginning of 2019, her firm
had assets of $800,000 and liabilities of $185,000. Assuming that assets decreased
, by $52,000 and liabilities increased by $24,000 during 2020, use the accounting
equation to calculate equity at the end of 2020. - ANSWER
- $539,000
The accounting equation can be defined as: - ANSWER -
Assets = Liability + Equity
What the company owns or controls and expects to gain value from is defined as: -
ANSWER - An Asset
What the company owes to others is defined as: - ANSWER
- Liabilities
The owner's stake in the company is defined as: - ANSWER
- Equity
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller a-grade. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73243 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now