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Intuit Bookkeeping Professional Certificate Exam Questions and Correct Answers Rated A+
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Intuit Bookkeeping Professional Certificate Exam Questions and Correct Answers Rated A+
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Intuit Bookkeeping ProfessionalCertificate Exam Questions and Correct
Answers Rated A+
What ilare ilthe il5 ilAccount ilTypes? il- ilANSWER-- ilAssets
- ilLiabilities
- ilEquity
- ilRevenue
- ilExpenses
What ilis ilthe ilaccounting ilformula? il- ilANSWER-Assets il= ilLiabilities il+ ilEquity il+
ilRevenue il- ilExpenses
What ildoes ilDEA/LER ilstand ilfor? il- ilANSWER-- ilDebit il
Expenses iland ilAssets
- ilCredit
Liabilities
Equity
Revenue
What ilare ilthe il6 ilsteps ilof ilthe ilAccounting-Cycle? il- ilANSWER-- ilCollect iland ilAnalyze
ilTransactions
- ilRecord/Post iltransactions ilto ilthe illedger
- ilPrepare iland ilunadjusted iltrial ilbalance
- ilPrepare iladjusting ilentries ilat ilthe ilend ilof ilthe ilperiod
- ilPrepare ilan iladjusted iltrial ilbalance
- ilPrepare ilfinancial ilstatements
What ilare ilthe il4 ilTypes ilof ilfinancial ilstatements? il- ilANSWER-- ilThe ilincome ilstatement
- ilThe ilbalance ilsheet
- ilThe ilstatement ilof ilequity
- ilThe ilstatement ilof ilcash ilflow
What ilare ilthe il4 iltypes ilof ilaccounting iladjustments? il- ilANSWER-- ilDeferrals
- ilAccruals
- ilMissing ilTransactions
- ilTax ilAdjustments
, What iltasks ilwould ila ilbookkeeper ildo? il- ilANSWER-- ilHandle ilbank ilfeeds iland
ilreconciles ilbank ilaccounts, ilmanaging ilaccounts ilreceivable/payable, iland ilrecord
ilfinancial iltransactions
Mary ilSmith ilis ilthe ilowner iland iloperator ilof ilSmith ilConstruction. ilAt ilthe ilend ilof ilthe
ilcompany's ilaccounting ilperiod, ilDecember il31, il2020, ilSmith ilConstruction ilhas ilassets
iltotaling il$760,000 iland illiabilities iltotaling il$240,000.
Use ilthe ilaccounting ilequation ilto ilcalculate ilwhat ilMary's ilOwner ilEquity ilwould ilbe ilas
ilof ilDecember il31, il2020. il- ilANSWER-- il$520,000
Mike ilAnderson ilis ilthe ilowner iland iloperator ilof ilAnderson ilConsulting. ilAt ilthe ilend ilof
il2019, ilthe ilcompany's ilassets iltotaled il$500,000 iland ilits illiabilities iltotaled il$175,000.
ilAssuming ilthat ilover ilthe il2020 ilfiscal ilyear, ilassets ilincreased ilby il$120,000 iland
illiabilities ilincreased ilby il$72,000, iluse ilthe ilaccounting ilequation ilto ildetermine ilwhat
ilMike's ilOwner's ilequity ilwill ilbe ilas ilof ilDecember il31, il2020? il- ilANSWER-- il$373,000
Maria ilGarcia ilowns ila ilsoftware ilconsulting ilfirm. ilAt ilthe ilbeginning ilof il2019, ilher ilfirm
ilhad ilassets ilof il$800,000 iland illiabilities ilof il$185,000. ilAssuming ilthat ilassets
ildecreased ilby il$52,000 iland illiabilities ilincreased ilby il$24,000 ilduring il2020, iluse ilthe
ilaccounting ilequation ilto ilcalculate ilequity ilat ilthe ilend ilof il2020. il- ilANSWER--
il$539,000
The ilaccounting ilequation ilcan ilbe ildefined ilas: il- ilANSWER-- ilAssets il= ilLiability il+
ilEquity
What ilthe ilcompany ilowns ilor ilcontrols iland ilexpects ilto ilgain ilvalue ilfrom ilis ildefined ilas:
il- ilANSWER-- ilAn ilAsset
What ilthe ilcompany ilowes ilto ilothers ilis ildefined ilas: il- ilANSWER-- ilLiabilities
The ilowner's ilstake ilin ilthe ilcompany ilis ildefined ilas: il- ilANSWER-- ilEquity
A ilway ilof ilbookkeeping ilthat iltracks ilwhich ilaccounts ilincrease iland ilwhich ildecrease ilfor
ila ilgiven iltransaction ilis ilknown ilas: il- ilANSWER-- ilDouble-entry ilAccounting
Which ilof ilthe ilfollowing ilbest ildefines ila ilcredit ilas ilit's ilused ilin ildouble-entry
ilaccounting? il- ilANSWER-- ilA ildecrease ilin ilassets/expenses iland ilan ilincrease ilin
illiabilities/owner's ilequity iland ilrevenue.
Which ilof ilthe ilfollowing ilbest ildefines ila ildebit ilas ilit's ilused ilin ildouble-entry
ilaccounting? il- ilANSWER-- ilAn ilincrease ilin ilassets/expenses iland ila ildecrease ilin
illiabilities/owner's ilequity iland ilrevenue.
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