Exam (elaborations)

Intuit Bookkeeping Professional Certificate Exam Questions With Revised Correct Answers Updated

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Course
INTUIT BOOKKEEPING

Institution
INTUIT BOOKKEEPING

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Uploaded on September 8, 2024
Number of pages 33
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

bookkeeping professional
intuit bookkeeping professional certificate exam
intuit bookkeeping professional

Institution INTUIT BOOKKEEPING
Course INTUIT BOOKKEEPING

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Intuit Bookkeeping Professional
Certificate Exam Questions With
Revised Correct Answers
Updated

In the first month of operations, Pepper Consulting's total
debit entries to the cash account amounted to $900, and the
total credit entries to the cash account amounted to $600. The
cash account has a: - ANSWER - $300 debit balance

Pepper Consulting bought computers with credit from PYO
Suppliers and entered the purchase into QuickBooks. The
transaction journal for Pepper Consulting would show the
following entry: - ANSWER - Debit: Computers
- Credit: PYO Credit Payable

Which of the following financial statements provides a
summary of a company's revenue and expenses over a period
of time? - ANSWER - The Income Statement

, Which of the following financial statements provides you with
the owner's change in capital over time? - ANSWER - The
Statement of Equity

Which of the following financial statements shows the
balances of a company's assets, equity, and liability? - ANSWER
- The Balance Sheet

Which of the following financial statements provides aggregate
data regarding all cash inflows a company receives from its
ongoing operations and external investments? - ANSWER -
The Statement of Cash Flow

A seasonal business like Lou's Landscaping can have decreased
cash during off-season months. Which financial statement
would show the cash inflows and outflows for a particular
month? - ANSWER - Cash Flow Statement

Which of these accounts would have a balance of $0 at the
beginning of each new accounting period? - ANSWER -R
evenue

, A business owner performs a service and is paid when the job
is performed. The owner would then enter this transaction into
accounting software as: - ANSWER - A Sales Receipt

A business owner performs a service but is not paid when the
job is performed. Using their accounting software, the owner
would enter the transaction as: - ANSWER - An Invoice

True or False: The ending cash balance on the Statement of
Cash Flow should not equal the cash balance reported on the
Balance Sheet. - ANSWER - False

A customer paid in advance for a service. They need to cancel
the service. If the business owner wishes to apply that money
towards the customer's next service, the owner would enter
that transaction into their accounting software as: - ANSWER
- A Credit Memo

True or False: In order to complete a Statement of Equity, you
will need the net profit from the Income Statement. - ANSWER
- True

, True or False: Business owners should use the General Ledger
to make business decisions. - ANSWER - False

A Balance Sheet has four parts: a heading, assets, liabilities,
and ______. - ANSWER - equity

True or False: Financial reports should be produced before any
adjustments have been made. - ANSWER - False

An owner has deposited several payments they've received
from customers into the business's bank account. The owner
would then enter this transaction in their accounting software
as: - ANSWER - A Bank Deposit

After the Unadjusted Trial Balance is created, the process of
going back and updating information is known as: - ANSWER
- Making adjustments

An owner brought in a piece of equipment for servicing and
paid for the repair with a check. The owner would then enter
the transaction into their accounting software as: - ANSWER
- A Vendor Check

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Exam (elaborations)

Intuit Bookkeeping Professional Certificate Exam Questions With Revised Correct Answers Updated

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