Exam (elaborations)

INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM& STUDY GUIDE 2024/2025 NEWEST!!COMPLETE ACTUAL ALL200 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+.

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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE

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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE

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Uploaded on November 10, 2024
Number of pages 36
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

intuit bookkeeping professional certificate exam
intuit bookkeeping professional certificate
intuit bookkeeping professional certificate

Institution INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE
Course INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE

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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE
EXAM& STUDY GUIDE 2024/2025 NEWEST!!COMPLETE
ACTUAL ALL200 QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS ) ALREADY GRADED A+.

What are the 5 Account Types?
- ANSWER-- Assets
-
Liabilities
- Equity
- Revenue
-
Expenses

What is the accounting formula? - ANSWER-Assets = Liabilities +
Equity + Revenue - Expenses

What does DEA/LER stand for? - ANSWER-- Debit
Expenses and Assets
- Credit

Liabilities
Equity
Revenue

,What are the 6 steps of the Accounting-Cycle? - ANSWER-- Collect
and Analyze Transactions
- Record/Post transactions to the ledger
- Prepare and unadjusted trial balance
- Prepare adjusting entries at the end of the period
- Prepare an adjusted trial balance
- Prepare financial statements

What are the 4 Types of financial statements? -
ANSWER-- The income statement
- The
balance
sheet
- 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

A way of bookkeeping that tracks which accounts increase and which
decrease for a given transaction is known as:
- ANSWER-- Double-
entry Accounting

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Exam (elaborations)

INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM& STUDY GUIDE 2024/2025 NEWEST!!COMPLETE ACTUAL ALL200 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+.

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