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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM|| UPDATE WITH VERIFIED SOLUTIONS|| LATEST QUESTIONS AND CORRECT 100% ANSWERS ALREADY GRADED A+|| ASSURED PASS!!! $14.99
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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM|| UPDATE WITH VERIFIED SOLUTIONS|| LATEST QUESTIONS AND CORRECT 100% ANSWERS ALREADY GRADED A+|| ASSURED PASS!!!
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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM|| UPDATE WITH VERIFIED SOLUTIONS|| LATEST QUESTIONS AND CORRECT 100% ANSWERS ALREADY GRADED A+|| ASSURED PASS!!!

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  • October 18, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • intuit bookkeeping
  • intuit bookkeeping professional certificate exam
  • intuit bookkeeping professional certificate
  • 2024 to 2025 update with verified solutions

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  • INTUIT BOOKKEEPING
  • INTUIT BOOKKEEPING

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1|P a g e
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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
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- Liabilities
- Equity
- Revenue
- Expenses


What is the accounting formula? - ANSWER: Assets = Liabilities + Equity
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What does DEA/LER stand for? - ANSWER: - DebitExpenses
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r and Assets
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- Credit
r Liabilitie
sEquity
r




r Revenue


What are the 5 steps of the Accounting-Cycle? - ANSWER: 1. Identify
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transactions
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2. record transactions r




3. run reports r




4. adjusting entries r

,2|P a g e
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5. close the books r r




What are the 4 Types of financial statements? - ANSWER: - The income statement(aka
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P&L statement: Income, COGS, expenses)
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- The balance sheet (assets, liabilities, equity)
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- The statement of equity
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- The statement of cash flow
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What are the 4 types of accounting adjustments? - ANSWER: - Deferrals
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- Accruals
- Missing Transactions r




- Tax Adjustments
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What tasks would a bookkeeper do? - ANSWER: - Handle bank feeds and
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reconciles bank accounts, managing accounts receivable/payable, and record
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financial transactions
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Mary Smith is the owner and operator of Smith Construction. At the end of the
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company's accounting period, December 31, 2020, Smith Construction has assets
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totaling $760,000 and liabilities totaling $240,000.
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Use the accounting equation to calculate what Mary's Owner Equity would be as of
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December 31, 2020. - ANSWER: - $520,000
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Mike Anderson is the owner and operator of Anderson Consulting. At the end of
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2019, the company's assets totaled $500,000 and its liabilities totaled $175,000.
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Assuming that over the 2020 fiscal year, assets increased by $120,000 and liabilities
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increased by $72,000, use the accounting equation to determine what Mike's Owner's
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equity will be as of December 31, 2020? - ANSWER: - $373,000
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Maria Garcia owns a software consulting firm. At the beginning of 2019, her firm
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had assets of $800,000 and liabilities of $185,000. Assuming that assets decreasedby
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$52,000 and liabilities increased by $24,000 during 2020, use the accounting
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equation to calculate equity at the end of 2020. - ANSWER: - $539,000
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The accounting equation can be defined as: - ANSWER: -Assets = Liability +
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Equity
r




What the company owns or controls and expects to gain value from is defined as: -
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ANSWER: - An Asset
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What the company owes to others is defined as: - ANSWER: - Liabilities
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The owner's stake in the company is defined as: - ANSWER: - Equity
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A way of bookkeeping that tracks which accounts increase and which decrease fora
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given transaction is known as: - ANSWER: - Double-entry Accounting
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Which of the following best defines a credit as it's used in double-entry
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accounting? - ANSWER: - A decrease in assets/expenses and an increase in
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liabilities/owner's equity and revenue.
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Which of the following best defines a debit as it's used in double-entry accounting?
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- ANSWER: - An increase in assets/expenses and a decrease in liabilities/owner's
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equity and revenue.
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