Bookkeeping Class by Intuit Questions With Solutions 100% Correct
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping Class by Intuit Questions With
Solutions 100% Correct
Bookkeepers typically... 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.
...
Bookkeeping Class by Intuit Questions With
Solutions 100% Correct
Bookkeepers typically... 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? 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? 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? Not discussing business details
outside of the job and NEVER using inside information for personal gain.
As a bookkeeper what would Profesionalism mean? 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.
, Bookkeeping Class by Intuit Questions With
Solutions 100% Correct
What is the Accounting Equation Assets=Liability+Equity
What are some examples of a Liability? 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? Accounts Receivable-(money owed to the business
by customers)
Investments in other companies-( potentially sell for cash)
What are some examples of Equity? Money invested into the company by one or more
owners
Double-Entry Accounting A common way to record transactions records which accounts
increase and decrease. Recorded in debit and credit columns. (Totals HAVE to be balanced)
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