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INTUIT ACADEMY BOOKKEEPING CERTIFICATION EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$17.99
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INTUIT ACADEMY BOOKKEEPING
CERTIFICATION EXAM 2024 ACTUAL
EXAM COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
You purchased inventory from your vendor and paid
cash. The accounts affected are the inventory
account and the cash account. In your journal entry,
which account would you debit? - ....ANSWER...- I
nventory account
An owner invests $1000 in the company. This
transaction impacted the checking account and the
owner's equity account. In your journal entry, which
account do you credit? - ....ANSWER...- Owner's
equity account
A sales manager purchases office supplies with the
company credit card. This transaction impacts the
accounts payable and the office supplies accounts. In
,your journal entry, which account do you credit? -
....ANSWER...- Accounts payable
The company pays off the credit card bill. This
transaction impacts the accounts payable and the
cash accounts. In your journal entry, which account
do you credit? - ....ANSWER...- Cash account
Debits are always represented on what side of a T-
chart? - ....ANSWER...- The left.
Short-term Investments would be an example of
what kind of account? - ....ANSWER...- An asset
account.
Accounts payable would be an example of what kind
of account? - ....ANSWER...- A liability account.
Accounts receivable would be an example of what
kind of account? - ....ANSWER...- An asset account.
True or False: Your client was paid in cash for a
service that they provided. They've asked you to
leave it off their financial records. Since you are
,employed by the client, you should do what they ask.
- ....ANSWER...- False
A schedule that contains all accounts needed to
prepare financial statements is known as: -
....ANSWER...- The General Ledger
Reorganizing journal entries and grouping them by
account is known as: - ....ANSWER...- Posting to the
ledger
A listing of the names of the accounts that a
company has identified and made available for
recording transactions in its general ledger is known
as a: - ....ANSWER...- Chart of Accounts
To find the balance of the account types that
increase with a debit (asset and expense accounts),
bookkeepers will: - ....ANSWER...- Subtract total
credits from total debits (Debits - Credits)
The accounting cycle starts with the: - ....ANSWER...-
Analysis of business transactions
, After analysis, the business transaction is recorded
in the journal in: - ....ANSWER...- Chronological order
A form or statement that lists the titles and balances
of all ledger accounts at a given date is known as: -
....ANSWER...- Trial balance
Sydney is entering a transaction in QuickBooks.
What are the two steps of manual accounting that
will happen simultaneously as she does this? -
....ANSWER...- Creating a journal entry and posting to
the ledger
The digits of the account numbers assigned to
general ledger accounts often have significance. For
example, an account number beginning with a "1"
might signify that the account is an asset account, a
"6" might signify an operating expense, etc. -
....ANSWER...- True
A trial balance where total debits equal total credits
indicates: - ....ANSWER...- The ledger is in balance.
Zach needs to determine what his company's
financial position was on March 31st of last year.
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