Bookkeeping Class by Intuit UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping Class by Intuit UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Bookkeepers typically... - CORRECT ANSWER - Record financial transactions, reconcile
bank accounts, manage accounts receivable, manage accounts payable, work with tax preparers
and assist with tax compliance, and...
Bookkeeping Class by Intuit UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Bookkeepers typically... - CORRECT ANSWER - Record financial transactions, reconcile
bank accounts, manage accounts receivable, manage accounts payable, work with tax preparers
and assist with tax compliance, and generate financial statements.
As a bookkeeper what would Honesty mean? - CORRECT ANSWER - Reporting
financial data accordingly and timley, owning up to and trying ti fix any mistakes, and being
open and transparent with clients about their business.
As a bookkeeper what would Objectivity mean? - CORRECT ANSWER - Not taking any
jobs/ clients that could pose conflict of interest, not allowing outside parties to influence
findings, not letting personal bias get in the way of your performance.
As a bookkeeper what would Confidentiality mean? - CORRECT ANSWER - Not
discussing business details outside of the job and NEVER using inside information for personal
gain.
As a bookkeeper what would Profesionalism mean? - CORRECT ANSWER - Being
considerate of clients needs/ time, avoiding personal/profesional activities that could bring shame
to profession/business, maintaining proper credentials, and keeping skills through continuing
education.
What is the Accounting Equation - CORRECT ANSWER - Assets=Liability+Equity
What are some examples of a Liability? - CORRECT ANSWER - Morgage,(money owed
to a lender)
Credit Card(s)- (money borrowed from bank with expectation of paying it back)
Payroll or sales tax owed to a government-(most business will owe one or more types of taxes to
federal, state, or local governments)
, What are some examples of an Asset? - CORRECT ANSWER - Accounts Receivable-
(money owed to the business by customers)
Investments in other companies-( potentially sell for cash)
What are some examples of Equity? - CORRECT ANSWER - Money invested into the
company by one or more owners
Double-Entry Accounting - CORRECT ANSWER - A common way to record transactions
records which accounts increase and decrease. Recorded in debit and credit columns. (Totals
HAVE to be balanced)
What side can debits and credits be found on? - CORRECT ANSWER - Debits are on the
left
Credits are on the right
How do you know if something is a Debit or a Credit? - CORRECT ANSWER - Ask
yourself, What kind of account are we looking at? and Is the balance increasing or decreasing?
What are the 5 account types? - CORRECT ANSWER - Assets
Liability
Equity
Revenue
Expenses
What is the expanded Accounting Equation? - CORRECT ANSWER -
{Assets=Liabilities+Equity}+[Revenues-Expences]
{Balance Sheet} [Income statement]
{Assets+Expenses}=[Liabilities+Equity+Revenue]
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