Intuit Bookkeeping Professional Certificate questions with answers

Intuit Bookkeeping Professional Certificate
questions with answers

What are the 5 Account Types? - ....🔰VERIFIED ANSWERS.... ✔✔- Assets
- Liabilities
- Equity
- Revenue
- Expenses


What is the accounting formula? - ....🔰VERIFIED ANSWERS.... ✔✔Assets =
Liabilities + Equity + Revenue - Expenses


What does DEA/LER stand for? - ....🔰VERIFIED ANSWERS.... ✔✔- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue


What are the 6 steps of the Accounting-Cycle? - ....🔰VERIFIED ANSWERS....
✔✔- 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? - ....🔰VERIFIED ANSWERS....
✔✔- The income statement
- The balance sheet
- The statement of equity
- The statement of cash flow


What are the 4 types of accounting adjustments? - ....🔰VERIFIED
ANSWERS.... ✔✔- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments


What tasks would a bookkeeper do? - ....🔰VERIFIED ANSWERS.... ✔✔-
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. - ....🔰VERIFIED ANSWERS.... ✔✔- $520,000