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Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED A+. $17.99   Add to cart

Exam (elaborations)

Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED A+.

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  • Course
  • Intuit Bookkeeping
  • Institution
  • Intuit Bookkeeping

Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED A+.Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED A+.

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  • October 16, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Intuit Bookkeeping
  • Intuit Bookkeeping
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Testbanklegend
Intuit Bookkeeping Professional Cert
7 7 7




ificate TEST AND STUDY GUIDE
7 7 7 7




NEWEST EXAM 2024 WITH QUESTIONS
7 7 7 7 7




AND DETAILED ANSWERS GRADED A
7 7 7 7




What7are7the757Account7Types?7-7ANSWER>>-7Assets
- Liabilities
- Equity
- Revenue
- Expenses

What7is7the7accounting7formula?7-7ANSWER>>Assets7=7Liabilities7+7Equity

What7does7DEA/LER7stand7for?7-7ANSWER>>-
7Debit7 Expenses7and7Assets
- Credit7L
iabilities7
Equity7R
evenue

What7are7the757steps7of7the7Accounting-Cycle?7-
7ANSWER>>1.7Identify7 transactions
2. record7transactions
3. run7reports
4. adjusting7entries7
5.7close7the7books

What7are7the747Types7of7financial7statements?7-7ANSWER>>-
7The7income7statement7(aka7P&L7statement:7Income,7COGS,7expenses)
- The7balance7sheet7(assets,7liabilities,7equity)
- The7statement7of7equity
- The7statement7of7cash7flow

,What7are7the747types7of7accounting7adjustments?7-7ANSWER>>-7Deferrals
- Accruals
- Missing7Transactions
- Tax7Adjustments

What7tasks7would7a7bookkeeper7do?7-7ANSWER>>-
7Handle7bank7feeds7and7reconciles7bank7accounts,7managing7accounts7rece

ivable/payable,7and7record7financial7transactions

Mary7Smith7is7the7owner7and7operator7of7Smith7Construction.7At7the7end7of7t
he7company's7accounting7period,7December731,72020,7Smith7Construction7h
as7assets7totaling7$760,0007and7liabilities7totaling7$240,000.

Use7the7accounting7equation7to7calculate7what7Mary's7Owner7Equity7would7b
e7as7of7December731,72020.7-7ANSWER>>-7$520,000

Mike7Anderson7is7the7owner7and7operator7of7Anderson7Consulting.7At7the7e
nd7of72019,7the7company's7assets7totaled7$500,0007and7its7liabilities7totale
d7$175,000.7Assuming7that7over7the720207fiscal7year,7assets7increased7by7
$120,0007and7liabilities7increased7by7$72,000,7use7the7accounting7equatio
n7to7determine7what7Mike's7Owner's7equity7will7be7as7of7December731,72020
?7-7ANSWER>>-7$373,000

Maria7Garcia7owns7a7software7consulting7firm.7At7the7beginning7of72019,7her7fi
rm7had7assets7of7$800,0007and7liabilities7of7$185,000.7Assuming7that7assets7
decreased7by7$52,0007and7liabilities7increased7by7$24,0007during72020,7use7
the7accounting7equation7to7calculate7equity7at7the7end7of72020.7-
7ANSWER>>-7$539,000




The7accounting7equation7can7be7defined7as:7-7ANSWER>>-
7Assets7=7
Liability7+7Equity

What7the7company7owns7or7controls7and7expects7to7gain7value7from7is7de
fined7as:7-7ANSWER>>-7An7Asset

What7the7company7owes7to7others7is7defined7as:7-7ANSWER>>-7Liabilities

The7owner's7stake7in7the7company7is7defined7as:7-7ANSWER>>-7Equity

, A7way7of7bookkeeping7that7tracks7which7accounts7increase7and7which7decr
ease7for7a7given7transaction7is7known7as:7-7ANSWER>>-7Double-
entry7Accounting

Which7of7the7following7best7defines7a7credit7as7it's7used7in7double-
entry7accounting?7-7ANSWER>>-
7A7decrease7in7assets/expenses7and7an7increase7in7liabilities/owner's7e

quity7and7revenue.

Which7of7the7following7best7defines7a7debit7as7it's7used7in7double-
entry7accounting?7-7ANSWER>>-
7An7increase7in7assets/expenses7and7a7decrease7in7liabilities/owner's7e

quity7and7revenue.

You7purchased7inventory7from7your7vendor7and7paid7cash.7The7accounts7
affected7are7the7inventory7account7and7the7cash7account.7In7your7journal7e
ntry,7which7account7would7you7debit?7-7ANSWER>>-7Inventory7account

An7owner7invests7$10007in7the7company.7This7transaction7impacted7the7
checking7account7and7the7owner's7equity7account.7In7your7journal7entry,7
which7account7do7you7credit?7-7ANSWER>>-7Owner's7equity7account

A7sales7manager7purchases7office7supplies7with7the7company7credit7card.7
This7transaction7impacts7the7accounts7payable7and7the7office7supplies7acc
ounts.7In7your7journal7entry,7which7account7do7you7credit?7-7ANSWER>>-
7Accounts7payable




The7company7pays7off7the7credit7card7bill.7This7transaction7impacts7the7
accounts7payable7and7the7cash7accounts.7In7your7journal7entry,7which7a
ccount7do7you7credit?7-7ANSWER>>-7Cash7account

Debits7are7always7represented7on7what7side7of7a7T-chart?7-7ANSWER>>-
7T7
he7left.

Short-term7Investments7would7be7an7example7of7what7kind7of7account?7-
ANSWER>>-7An7asset7account.
7




Accounts7payable7would7be7an7example7of7what7kind7of7account?7-
ANSWER>>-7A7liability7account.
7




Accounts7receivable7would7be7an7example7of7what7kind7of7account?7-
ANSWER>>-7An7asset7account.
7

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