Intuit Certified Bookkeeping Professional Exam Questions and Correct Answers

Intuit Certified Bookkeeping Professional Exam Questions and Correct
Answers
1. Ethical Responsibilities of BookkeepersANSWER
Confidentiality Security
Integrity
2. Accounting EquationANSWER Assets = Liabilities + Owner's Equity
3. AssetsANSWER Economic resources (things of value) owned by a firm.
4. LiabilitiesANSWER debts that you owe
5. Owners (Equity)ANSWER portion of assets owners can lay claim
6. Financial Statements (In Order)ANSWER Income
Statement Statement Of Owner's Equity
Balance Sheet
Statement of Cash Flows
7. Income StatementANSWER A financial statement showing the revenue and expenses for a fiscal
period. Amounts come from adjusted trial balance.
Revenue-Expenses=Net income/net loss
8. Title of Income StatementANSWER
Company Name Income Stated
"For The Month Ended"
9. Layout of Income StatementANSWER Revenues
listed first Expenses listed second
All revenues and expenses are listed from greatest to least
10. Statement of Owners Equity (SOE)ANSWER Financial statement showing changes in the owner's
equity based on net income or net loss and owner investments and withdrawals.
Beginning capital balance comes from adjusted trial balance
11. Title of SOEANSWER
Company Name SOE
"For The Month Ended"
12. Layout of SOEANSWER AddANSWER Net Income
and Investments SubtractANSWER Net Loss and
Withdrawals
Increase/Decrease in
OEANSWER
Ending Capital
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, Intuit Certified Bookkeeping Professional Exam Questions and Correct
Answers
BalanceANSWER




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