Intuit Bookkeeping Professional Certificate
Exam 2024 | Intuit Bookkeeping Professional
Certificate Exam Update Latest 2024
Questions and Correct Answers Rated A+
What are the 5 Account Types? - answer - Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - answer Assets = Liabilities + Equity
What does DEA/LER stand for? - answer - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the Accounting-Cycle? - answer 1. Identify transactions
2. Record transactions
3. Run reports
4. Adjusting entries
5. Close the books
,What are the 4 Types of financial statements? - answer - The income statement (aka
P&L statement: Income, COGS, expenses)
- The balance sheet (assets, liabilities, equity)
- 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
Which of the following best defines a credit as it's used in double-entry accounting? -
answer - A decrease in assets/expenses and an increase in liabilities/owner's equity
and revenue.
Which of the following best defines a debit as it's used in double-entry accounting? -
answer - An increase in assets/expenses and a decrease in liabilities/owner's equity
and revenue.
You purchased inventory from your vendor and paid cash. The accounts affected are
the inventory account and the cash account. In your journal entry, which account would
you debit? - answer - Inventory account
An owner invests $1000 in the company. This transaction impacted the checking
account and the owner's equity account. In your journal entry, which account do you
credit? - answer - Owner's equity account
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