Intuit Bookkeeping Professional Certificate
Exam Questions & Answers
1.What are the 5 Account Types?
ANS - Assets
- Liabilities
- Equity
- Revenue
- Expenses
2.What is the accounting formula?
ANS Assets = Liabilities + Equity + Revenue – Expenses
3.What does DEA/LER stand for?
ANS - Debit Expenses and Assets
- Credit
Liabiliti
es
Equity
Revenu
e
4.What are the 6 steps of the Accounting-Cycle?
ANS - Collect and Analyze Trans- actions
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,- Record/Post transactions to the ledger
- Prepare and unadjusted trial balance
- Prepare adjusting entries at the end of the period
- Prepare an adjusted trial balance
- Prepare financial statements
5.What are the 4 Types of financial statements?
ANS - The income statement
- The balance sheet
- The statement of equity
- The statement of cash flow
6.What are the 4 types of accounting adjustments?
ANS - Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
7.What tasks would a bookkeeper do?
ANS - Handle bank feeds and reconciles bank accounts, managing
accounts receivable/payable, and record financial transactions
8.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.
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17
, Use the accounting equation to calculate what Mary's Owner Equity would be
as of December 31, 2020.
ANS - $520,000
9.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?
ANS -
$373,000
10.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.
ANS - $539,000
11.The accounting equation can be defined as
ANS - Assets = Liability + Equity
12.What the company owns or controls and expects to gain value from
is defined as
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17
Exam Questions & Answers
1.What are the 5 Account Types?
ANS - Assets
- Liabilities
- Equity
- Revenue
- Expenses
2.What is the accounting formula?
ANS Assets = Liabilities + Equity + Revenue – Expenses
3.What does DEA/LER stand for?
ANS - Debit Expenses and Assets
- Credit
Liabiliti
es
Equity
Revenu
e
4.What are the 6 steps of the Accounting-Cycle?
ANS - Collect and Analyze Trans- actions
1/
17
,- Record/Post transactions to the ledger
- Prepare and unadjusted trial balance
- Prepare adjusting entries at the end of the period
- Prepare an adjusted trial balance
- Prepare financial statements
5.What are the 4 Types of financial statements?
ANS - The income statement
- The balance sheet
- The statement of equity
- The statement of cash flow
6.What are the 4 types of accounting adjustments?
ANS - Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
7.What tasks would a bookkeeper do?
ANS - Handle bank feeds and reconciles bank accounts, managing
accounts receivable/payable, and record financial transactions
8.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.
2/
17
, Use the accounting equation to calculate what Mary's Owner Equity would be
as of December 31, 2020.
ANS - $520,000
9.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?
ANS -
$373,000
10.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.
ANS - $539,000
11.The accounting equation can be defined as
ANS - Assets = Liability + Equity
12.What the company owns or controls and expects to gain value from
is defined as
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17
