INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE EXAM|| 2024-2025 UPDATE
WITH VERIFIED SOLUTIONS|| LATEST
QUESTIONS AND CORRECT 100% ANSWERS
ALREADY GRADED A+|| ASSURED PASS!!!
What are the 5 Account Types? - ANSWER: - Assets
r r r r r r r r r
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - ANSWER: Assets = Liabilities + Equity
r r r r r r r r r r r
What does DEA/LER stand for? - ANSWER: - DebitExpenses
r r r r r r r r r
r and Assets
r
- Credit
r Liabilitie
sEquity
r
r Revenue
What are the 5 steps of the Accounting-Cycle? - ANSWER: 1. Identify
r r r r r r r r r r r
transactions
r
2. record transactions r
3. run reports r
4. adjusting entries r
,2|P a g e
r r r r
5. close the books r r
What are the 4 Types of financial statements? - ANSWER: - The income statement(aka
r r r r r r r r r r r r r r
P&L statement: Income, COGS, expenses)
r r r r r
- The balance sheet (assets, liabilities, equity)
r r r r r
- The statement of equity
r r r
- The statement of cash flow
r r r r
What are the 4 types of accounting adjustments? - ANSWER: - Deferrals
r r r r r r r r r r r
- Accruals
- Missing Transactions r
- Tax Adjustments
r
What tasks would a bookkeeper do? - ANSWER: - Handle bank feeds and
r r r r r r r r r r r r
reconciles bank accounts, managing accounts receivable/payable, and record
r r r r r r r r
financial transactions
r r
Mary Smith is the owner and operator of Smith Construction. At the end of the
r r r r r r r r r r r r r r
company's accounting period, December 31, 2020, Smith Construction has assets
r r r r r r r r r r
totaling $760,000 and liabilities totaling $240,000.
r r r r r r
Use the accounting equation to calculate what Mary's Owner Equity would be as of
r r r r r r r r r r r r r
December 31, 2020. - ANSWER: - $520,000
r r r r r r r
Mike Anderson is the owner and operator of Anderson Consulting. At the end of
r r r r r r r r r r r r r
2019, the company's assets totaled $500,000 and its liabilities totaled $175,000.
r r r r r r r r r r r
Assuming that over the 2020 fiscal year, assets increased by $120,000 and liabilities
r r r r r r r r r r r r r
increased by $72,000, use the accounting equation to determine what Mike's Owner's
r r r r r r r r r r r r
equity will be as of December 31, 2020? - ANSWER: - $373,000
r r r r r r r r r r r r
, 3|P a g e r r r r
Maria Garcia owns a software consulting firm. At the beginning of 2019, her firm
r r r r r r r r r r r r r
had assets of $800,000 and liabilities of $185,000. Assuming that assets decreasedby
r r r r r r r r r r r r r
$52,000 and liabilities increased by $24,000 during 2020, use the accounting
r r r r r r r r r r r
equation to calculate equity at the end of 2020. - ANSWER: - $539,000
r r r r r r r r r r r r r
The accounting equation can be defined as: - ANSWER: -Assets = Liability +
r r r r r r r r r r r r r
Equity
r
What the company owns or controls and expects to gain value from is defined as: -
r r r r r r r r r r r r r r r
ANSWER: - An Asset
r r r r
What the company owes to others is defined as: - ANSWER: - Liabilities
r r r r r r r r r r r r
The owner's stake in the company is defined as: - ANSWER: - Equity
r r r r r r r r r r r r
A way of bookkeeping that tracks which accounts increase and which decrease fora
r r r r r r r r r r r r r
given transaction is known as: - ANSWER: - Double-entry Accounting
r r r r r r r r r r
Which of the following best defines a credit as it's used in double-entry
r r r r r r r r r r r r
accounting? - ANSWER: - A decrease in assets/expenses and an increase in
r r r r r r r r r r r r
liabilities/owner's equity and revenue.
r r r r
Which of the following best defines a debit as it's used in double-entry accounting?
r r r r r r r r r r r r r
- ANSWER: - An increase in assets/expenses and a decrease in liabilities/owner's
r r r r r r r r r r r
equity and revenue.
r r r
Les avantages d'acheter des résumés chez Stuvia:
Qualité garantie par les avis des clients
Les clients de Stuvia ont évalués plus de 700 000 résumés. C'est comme ça que vous savez que vous achetez les meilleurs documents.
L’achat facile et rapide
Vous pouvez payer rapidement avec iDeal, carte de crédit ou Stuvia-crédit pour les résumés. Il n'y a pas d'adhésion nécessaire.
Focus sur l’essentiel
Vos camarades écrivent eux-mêmes les notes d’étude, c’est pourquoi les documents sont toujours fiables et à jour. Cela garantit que vous arrivez rapidement au coeur du matériel.
Foire aux questions
Qu'est-ce que j'obtiens en achetant ce document ?
Vous obtenez un PDF, disponible immédiatement après votre achat. Le document acheté est accessible à tout moment, n'importe où et indéfiniment via votre profil.
Garantie de remboursement : comment ça marche ?
Notre garantie de satisfaction garantit que vous trouverez toujours un document d'étude qui vous convient. Vous remplissez un formulaire et notre équipe du service client s'occupe du reste.
Auprès de qui est-ce que j'achète ce résumé ?
Stuvia est une place de marché. Alors, vous n'achetez donc pas ce document chez nous, mais auprès du vendeur Ascorers. Stuvia facilite les paiements au vendeur.
Est-ce que j'aurai un abonnement?
Non, vous n'achetez ce résumé que pour $14.99. Vous n'êtes lié à rien après votre achat.