INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM ACTUAL TEST PAPER QUESTIONS CORRECT ANSWERS GRADED A PLUS

INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM ACTUAL TEST PAPER
QUESTIONS CORRECT ANSWERS GRADED A PLUS




• What are the 5 Account Types? -✓✓- Assets
- Liabilities
- Equity
- Revenue
- Expenses


• What is the accounting formula? -✓✓Assets = Liabilities + Equity + Revenue -
Expenses


• What does DEA/LER stand for? -✓✓- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue


• What are the 6 steps of the Accounting-Cycle? -✓✓- Collect and Analyze
Transactions
- 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


• What are the 4 Types of financial statements? -✓✓- The income statement
- The balance sheet
- The statement of equity
- The statement of cash flow


• What are the 4 types of accounting adjustments? -✓✓- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments


• What tasks would a bookkeeper do? -✓✓- Handle bank feeds and reconciles
bank accounts, managing accounts receivable/payable, and record financial
transactions


• 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.


Use the accounting equation to calculate what Mary's Owner Equity would be as of
December 31, 2020. -✓✓- $520,000


• 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