Exam (elaborations)
Bookkeeping Class by Intuit Exam with correct Answers
- Course
- Institution
Bookkeeping Class by Intuit Exam with correct Answers
[Show more]
Seller
Follow
millyphilip
Reviews received
Content preview
Bookkeeping Class by Intuit Exam withcorrect Answers
Bookkeepers typically... - 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? - 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? - 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? - Answer -Not discussing business
details outside of the job and NEVER using inside information for personal gain.
As a bookkeeper what would Profesionalism mean? - 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 - Answer -Assets=Liability+Equity
What are some examples of a Liability? - 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? - Answer -Accounts Receivable-(money owed to
the business by customers)
Investments in other companies-( potentially sell for cash)
What are some examples of Equity? - Answer -Money invested into the company by
one or more owners
Double-Entry Accounting - 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? - Answer -Debits are on the left
Credits are on the right
How do you know if something is a Debit or a Credit? - Answer -Ask yourself, What kind
of account are we looking at? and Is the balance increasing or decreasing?
What are the 5 account types? - Answer -Assets
Liability
Equity
Revenue
Expenses
What is the expanded Accounting Equation? - Answer -{Assets=Liabilities+Equity}+
[Revenues-Expences]
{Balance Sheet} [Income statement]
{Assets+Expenses}=[Liabilities+Equity+Revenue]
How do Debits and Credits work in an ASSETS Account? - Answer -Debits are an
increase and Credits are a decrease
How do Debits and Credits work in a LIABILITIES Acount? - Answer -Debits are a
decrease and Credits are an increase
How do Debits and Credits work in an EQUITY Acount? - Answer -Debits are a
decrease and Credits are an increase
What does the acronym DEALER mean? - Answer -to increase an account you will
Debit and Expense or Asset account but credit a Liability, Equity, or Revenue account.
How would you record a $100 cash payment to the tractor store? - Answer -We would
record it as a CREDIT because it's DECREASING an ASSET (in this case cash)
How are credits used in double entry - Answer -Decrease in assets/ expenses. Increase
liabilities/ equity
How are debits used in double entry - Answer -Increase assets/ expenses. Decrease
liabilities/ equity.
What is the Chart of Accounts? - Answer -A way to organize the accounts, their
purpose, and account numbers. It's organized by type of account. (First number of
account goes with what account type ex. Assets start with a 1, Liabilities start with a 2,
ect.)
What is the first step to the Accounting Cycle? - Answer -Collect and analyze
transactions. (Receipts, Invoices, Bank Statements)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R208,66. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
85443 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now