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Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED A+. €17,73
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Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED A+.
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Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED AIntuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED AIntuit Bookkeeping Professional Certific...

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  • 15 oktober 2024
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  • 2024/2025
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Voorbeeld van de inhoud

Intuit Bookkeeping Professional ihih ihih




ihih Certificate TEST AND STUDY GUIDE ihih ihih ihih ihih




NEWEST EXAM 2024 WITH ihih ihih ihih




ihih QUESTIONSAND DETAILED ANSWERS ih ihih ihih




GRADED A
ihih ihih




What are the 5 Account Types? - ANSWER>>- Assets
ih ih ih ih ih ih ih ih




- Liabilities
- Equity
- Revenue
- Expenses

What is the accounting formula? - ANSWER>>Assets = Liabilities + Equity
ih ih ih ih ih ih ih ih ih ih




What does DEA/LER stand for? - ANSWER>>-
ih ih ih ih ih ih




DebitExpenses and Assets
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- Credit
Liabilitie
ih




sEquity
ih




Revenu
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e

What are the 5 steps of the Accounting-Cycle? - ANSWER>>1.
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Identifytransactions
ih ih




2. record transactions ih




3. run reports ih




4. adjusting entries ih ih




5. close the books
ih ih ih




What are the 4 Types of financial statements? - ANSWER>>- The
ih ih ih ih ih ih ih ih ih ih




incomestatement (aka P&L statement: Income, COGS, expenses)
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- The balance sheet (assets, liabilities, equity)
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- The statement of equity
ih ih ih




- The statement of cash flow
ih ih ih ih

,What are the 4 types of accounting adjustments? - ANSWER>>- Deferrals
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- Accruals
- Missing Transactions ih




- Tax Adjustments ih




What tasks would a bookkeeper do? - ANSWER>>- Handle bank feeds and
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reconciles bank accounts, managing accounts receivable/payable,
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andrecord financial transactions
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Mary Smith is the owner and operator of Smith Construction. At the end
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of the company's accounting period, December 31, 2020, Smith
ih ih ih ih ih ih ih ih ih




Constructionhas assets totaling $760,000 and liabilities totaling $240,000.
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Use the accounting equation to calculate what Mary's Owner Equity wouldbe
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as of December 31, 2020. - ANSWER>>- $520,000
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Mike Anderson is the owner and operator of Anderson Consulting. At the
ih ih ih ih ih ih ih ih ih ih ih




end of 2019, the company's assets totaled $500,000 and its liabilities
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totaled $175,000. Assuming that over the 2020 fiscal year, assets
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increased by $120,000 and liabilities increased by $72,000, use the
ih ih ih ih ih ih ih ih ih ih




accounting equation to determine what Mike's Owner's equity will be as
ih ih ih ih ih ih ih ih ih ih ih




ofDecember 31, 2020? - ANSWER>>- $373,000
ih ih ih ih ih ih ih




Maria Garcia owns a software consulting firm. At the beginning of 2019,
ih ih ih ih ih ih ih ih ih ih ih




herfirm had assets of $800,000 and liabilities of $185,000. Assuming that
ih ih ih ih ih ih ih ih ih ih ih ih




assets decreased by $52,000 and liabilities increased by $24,000 during
ih ih ih ih ih ih ih ih ih ih




2020, use the accounting equation to calculate equity at the end of 2020. -
ih ih ih ih ih ih ih ih ih ih ih ih ih ih




ANSWER>>- $539,000
ih ih




The accounting equation can be defined as: - ANSWER>>- Assets
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=Liability + Equity
ih ih ih ih




What the company owns or controls and expects to gain value from
ih ih ih ih ih ih ih ih ih ih ih




isdefined as: - ANSWER>>- An Asset
ih ih ih ih ih ih ih




What the company owes to others is defined as: - ANSWER>>- Liabilities
ih ih ih ih ih ih ih ih ih ih ih




The owner's stake in the company is defined as: - ANSWER>>- Equity
ih ih ih ih ih ih ih ih ih ih ih

, A way of bookkeeping that tracks which accounts increase and which
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decrease for a given transaction is known as: - ANSWER>>- Double-
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entryAccounting ih




Which of the following best defines a credit as it's used in double-
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entryaccounting? - ANSWER>>- A decrease in assets/expenses and
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an increase in liabilities/owner's equity and revenue.
ih ih ih ih ih ih ih




Which of the following best defines a debit as it's used in double-
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entryaccounting? - ANSWER>>- An increase in assets/expenses and
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a decrease in liabilities/owner's equity and revenue.
ih ih ih ih ih ih ih




You purchased inventory from your vendor and paid cash. The
ih ih ih ih ih ih ih ih ih




accounts affected are the inventory account and the cash account. In
ih ih ih ih ih ih ih ih ih ih ih




your journal entry, which account would you debit? - ANSWER>>-
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Inventory account
ih ih




An owner invests $1000 in the company. This transaction impacted
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the checking account and the owner's equity account. In your journal
ih ih ih ih ih ih ih ih ih ih ih




entry, which account do you credit? - ANSWER>>- Owner's equity
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account
ih




A sales manager purchases office supplies with the company credit
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card.This transaction impacts the accounts payable and the office
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supplies accounts. In your journal entry, which account do you credit? -
ih ih ih ih ih ih ih ih ih ih ih ih




ANSWER>>- Accounts payable
ih ih ih




The company pays off the credit card bill. This transaction impacts
ih ih ih ih ih ih ih ih ih ih




theaccounts payable and the cash accounts. In your journal entry,
ih ih ih ih ih ih ih ih ih ih ih




which account do you credit? - ANSWER>>- Cash account
ih ih ih ih ih ih ih ih ih




Debits are always represented on what side of a T-chart? - ANSWER>>-
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The left.
ih ih ih




Short-term Investments would be an example of what kind of account? - ih ih ih ih ih ih ih ih ih ih ih




ANSWER>>- An asset account.
ih ih ih ih




Accounts payable would be an example of what kind of account? -
ih ih ih ih ih ih ih ih ih ih ih




ANSWER>>- A liability account.
ih ih ih ih




Accounts receivable would be an example of what kind of account? -
ih ih ih ih ih ih ih ih ih ih ih




ANSWER>>- An asset account.
ih ih ih ih

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