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
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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
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What are the 5 Account Types? - ANSWER>>- Assets
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- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - ANSWER>>Assets = Liabilities + Equity
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What does DEA/LER stand for? - ANSWER>>-
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DebitExpenses and Assets
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- Credit
Liabilitie
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sEquity
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Revenu
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e
What are the 5 steps of the Accounting-Cycle? - ANSWER>>1.
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Identifytransactions
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2. record transactions ih
3. run reports ih
4. adjusting entries ih ih
5. close the books
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What are the 4 Types of financial statements? - ANSWER>>- The
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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
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- The statement of cash flow
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,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
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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
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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
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accounting equation to determine what Mike's Owner's equity will be as
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ofDecember 31, 2020? - ANSWER>>- $373,000
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Maria Garcia owns a software consulting firm. At the beginning of 2019,
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herfirm had assets of $800,000 and liabilities of $185,000. Assuming that
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assets decreased by $52,000 and liabilities increased by $24,000 during
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2020, use the accounting equation to calculate equity at the end of 2020. -
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ANSWER>>- $539,000
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The accounting equation can be defined as: - ANSWER>>- Assets
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=Liability + Equity
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What the company owns or controls and expects to gain value from
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isdefined as: - ANSWER>>- An Asset
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What the company owes to others is defined as: - ANSWER>>- Liabilities
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The owner's stake in the company is defined as: - ANSWER>>- Equity
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, 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.
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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.
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You purchased inventory from your vendor and paid cash. The
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accounts affected are the inventory account and the cash account. In
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your journal entry, which account would you debit? - ANSWER>>-
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Inventory account
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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
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entry, which account do you credit? - ANSWER>>- Owner's equity
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account
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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? -
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ANSWER>>- Accounts payable
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The company pays off the credit card bill. This transaction impacts
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theaccounts payable and the cash accounts. In your journal entry,
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which account do you credit? - ANSWER>>- Cash account
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Debits are always represented on what side of a T-chart? - ANSWER>>-
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The left.
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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.
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Accounts payable would be an example of what kind of account? -
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ANSWER>>- A liability account.
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Accounts receivable would be an example of what kind of account? -
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ANSWER>>- An asset account.
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