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Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED A $18.49   Add to cart

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Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED A

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  • Course
  • Intuit Bookkeeping
  • Institution
  • Intuit Bookkeeping

Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED AIntuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED AIntuit Bookkeeping Professional Certificate TES...

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  • October 16, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Intuit Bookkeeping
  • Intuit Bookkeeping
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AGRADEPROMASTER
Intuit Bookkeeping Professional Cert
0 0 0




ificate TEST AND STUDY GUIDE
0 0 0 0




NEWEST EXAM 2024 WITH QUESTIONS
0 0 0 0 0




AND DETAILED ANSWERS GRADED A
0 0 0 0




What0are0the050Account0Types?0-0ANSWER>>-0Assets
- Liabilities
- Equity
- Revenue
- Expenses

What0is0the0accounting0formula?0-0ANSWER>>Assets0=0Liabilities0+0Equity

What0does0DEA/LER0stand0for?0-0ANSWER>>-
0Debit0 Expenses0and0Assets
- Credit0L
iabilities0
Equity0R
evenue

What0are0the050steps0of0the0Accounting-Cycle?0-
0ANSWER>>1.0Identify0 transactions
2. record0transactions
3. run0reports
4. adjusting0entries0
5.0close0the0books

What0are0the040Types0of0financial0statements?0-0ANSWER>>-
0The0income0statement0(aka0P&L0statement:0Income,0COGS,0expenses)
- The0balance0sheet0(assets,0liabilities,0equity)
- The0statement0of0equity
- The0statement0of0cash0flow

,What0are0the040types0of0accounting0adjustments?0-0ANSWER>>-0Deferrals
- Accruals
- Missing0Transactions
- Tax0Adjustments

What0tasks0would0a0bookkeeper0do?0-0ANSWER>>-
0Handle0bank0feeds0and0reconciles0bank0accounts,0managing0accounts0rece

ivable/payable,0and0record0financial0transactions

Mary0Smith0is0the0owner0and0operator0of0Smith0Construction.0At0the0end0of0t
he0company's0accounting0period,0December031,02020,0Smith0Construction0h
as0assets0totaling0$760,0000and0liabilities0totaling0$240,000.

Use0the0accounting0equation0to0calculate0what0Mary's0Owner0Equity0would0b
e0as0of0December031,02020.0-0ANSWER>>-0$520,000

Mike0Anderson0is0the0owner0and0operator0of0Anderson0Consulting.0At0the0e
nd0of02019,0the0company's0assets0totaled0$500,0000and0its0liabilities0totale
d0$175,000.0Assuming0that0over0the020200fiscal0year,0assets0increased0by0
$120,0000and0liabilities0increased0by0$72,000,0use0the0accounting0equatio
n0to0determine0what0Mike's0Owner's0equity0will0be0as0of0December031,02020
?0-0ANSWER>>-0$373,000

Maria0Garcia0owns0a0software0consulting0firm.0At0the0beginning0of02019,0her0fi
rm0had0assets0of0$800,0000and0liabilities0of0$185,000.0Assuming0that0assets0
decreased0by0$52,0000and0liabilities0increased0by0$24,0000during02020,0use0
the0accounting0equation0to0calculate0equity0at0the0end0of02020.0-
0ANSWER>>-0$539,000




The0accounting0equation0can0be0defined0as:0-0ANSWER>>-
0Assets0=0
Liability0+0Equity

What0the0company0owns0or0controls0and0expects0to0gain0value0from0is0de
fined0as:0-0ANSWER>>-0An0Asset

What0the0company0owes0to0others0is0defined0as:0-0ANSWER>>-0Liabilities

The0owner's0stake0in0the0company0is0defined0as:0-0ANSWER>>-0Equity

, A0way0of0bookkeeping0that0tracks0which0accounts0increase0and0which0decr
ease0for0a0given0transaction0is0known0as:0-0ANSWER>>-0Double-
entry0Accounting

Which0of0the0following0best0defines0a0credit0as0it's0used0in0double-
entry0accounting?0-0ANSWER>>-
0A0decrease0in0assets/expenses0and0an0increase0in0liabilities/owner's0e

quity0and0revenue.

Which0of0the0following0best0defines0a0debit0as0it's0used0in0double-
entry0accounting?0-0ANSWER>>-
0An0increase0in0assets/expenses0and0a0decrease0in0liabilities/owner's0e

quity0and0revenue.

You0purchased0inventory0from0your0vendor0and0paid0cash.0The0accounts0
affected0are0the0inventory0account0and0the0cash0account.0In0your0journal0e
ntry,0which0account0would0you0debit?0-0ANSWER>>-0Inventory0account

An0owner0invests0$10000in0the0company.0This0transaction0impacted0the0
checking0account0and0the0owner's0equity0account.0In0your0journal0entry,0
which0account0do0you0credit?0-0ANSWER>>-0Owner's0equity0account

A0sales0manager0purchases0office0supplies0with0the0company0credit0card.0
This0transaction0impacts0the0accounts0payable0and0the0office0supplies0acc
ounts.0In0your0journal0entry,0which0account0do0you0credit?0-0ANSWER>>-
0Accounts0payable




The0company0pays0off0the0credit0card0bill.0This0transaction0impacts0the0
accounts0payable0and0the0cash0accounts.0In0your0journal0entry,0which0a
ccount0do0you0credit?0-0ANSWER>>-0Cash0account

Debits0are0always0represented0on0what0side0of0a0T-chart?0-0ANSWER>>-
0T0
he0left.

Short-term0Investments0would0be0an0example0of0what0kind0of0account?0-
ANSWER>>-0An0asset0account.
0




Accounts0payable0would0be0an0example0of0what0kind0of0account?0-
ANSWER>>-0A0liability0account.
0




Accounts0receivable0would0be0an0example0of0what0kind0of0account?0-
ANSWER>>-0An0asset0account.
0

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