Intuit Bookkeeping Professional
Certificate
What are the 5 Account Types? - correct answer ✔✔- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - correct answer ✔✔Assets = Liabilities + Equity + Revenue - Expenses
What does DEA/LER stand for? - correct answer ✔✔- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 6 steps of the Accounting-Cycle? - correct answer ✔✔- 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? - correct answer ✔✔- The income statement
- The balance sheet
, - The statement of equity
- The statement of cash flow
What are the 4 types of accounting adjustments? - correct answer ✔✔- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
What tasks would a bookkeeper do? - correct answer ✔✔- 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.
- correct answer ✔✔- $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 liabilities increased by $72,000, use the accounting equation to
determine what Mike's Owner's equity will be as of December 31, 2020? - correct answer ✔✔- $373,000
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. - correct
answer ✔✔- $539,000
The accounting equation can be defined as: - correct answer ✔✔- Assets = Liability + Equity
What the company owns or controls and expects to gain value from is defined as: - correct answer ✔✔-
An Asset
Certificate
What are the 5 Account Types? - correct answer ✔✔- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - correct answer ✔✔Assets = Liabilities + Equity + Revenue - Expenses
What does DEA/LER stand for? - correct answer ✔✔- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 6 steps of the Accounting-Cycle? - correct answer ✔✔- 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? - correct answer ✔✔- The income statement
- The balance sheet
, - The statement of equity
- The statement of cash flow
What are the 4 types of accounting adjustments? - correct answer ✔✔- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
What tasks would a bookkeeper do? - correct answer ✔✔- 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.
- correct answer ✔✔- $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 liabilities increased by $72,000, use the accounting equation to
determine what Mike's Owner's equity will be as of December 31, 2020? - correct answer ✔✔- $373,000
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. - correct
answer ✔✔- $539,000
The accounting equation can be defined as: - correct answer ✔✔- Assets = Liability + Equity
What the company owns or controls and expects to gain value from is defined as: - correct answer ✔✔-
An Asset
