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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE
EXAM 2025 | ALL QUESTIONS AND CORRECT
ANSWERS | ALREADY GRADED A+ | LATEST VERSION
(JUST RELEASED)
What are the 5 Account Types? - (answers)- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - (answers)Assets = Liabilities + Equity
What does DEA/LER stand for? - (answers)- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the Accounting-Cycle? - (answers)1. Identify transactions
2. record transactions
3. run reports
4. adjusting entries
5. close the books
What are the 4 Types of financial statements? - (answers)- The income statement
(aka P&L statement: Income, COGS, expenses)
- The balance sheet (assets, liabilities, equity)
- The statement of equity
- The statement of cash flow
What are the 4 types of accounting adjustments? - (answers)- Deferrals
- Accruals
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- Missing Transactions
- Tax Adjustments
What tasks would a bookkeeper do? - (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. - (answers)- $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? - (answers)- $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. - (answers)- $539,000
The accounting equation can be defined as: - (answers)- Assets = Liability + Equity
What the company owns or controls and expects to gain value from is defined as:
- (answers)- An Asset
What the company owes to others is defined as: - (answers)- Liabilities
The owner's stake in the company is defined as: - (answers)- Equity
A way of bookkeeping that tracks which accounts increase and which decrease for
a given transaction is known as: - (answers)- Double-entry Accounting
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Which of the following best defines a credit as it's used in double-entry
accounting? - (answers)- A decrease in assets/expenses and an increase in
liabilities/owner's equity and revenue.
Which of the following best defines a debit as it's used in double-entry
accounting? - (answers)- An increase in assets/expenses and a decrease in
liabilities/owner's equity and revenue.
You purchased inventory from your vendor and paid cash. The accounts affected
are the inventory account and the cash account. In your journal entry, which
account would you debit? - (answers)- Inventory account
An owner invests $1000 in the company. This transaction impacted the checking
account and the owner's equity account. In your journal entry, which account do
you credit? - (answers)- Owner's equity account
A sales manager purchases office supplies with the company credit card. This
transaction impacts the accounts payable and the office supplies accounts. In
your journal entry, which account do you credit? - (answers)- Accounts payable
The company pays off the credit card bill. This transaction impacts the accounts
payable and the cash accounts. In your journal entry, which account do you
credit? - (answers)- Cash account
Debits are always represented on what side of a T-chart? - (answers)- The left.
Short-term Investments would be an example of what kind of account? -
(answers)- An asset account.
Accounts payable would be an example of what kind of account? - (answers)- A
liability account.
Accounts receivable would be an example of what kind of account? - (answers)- A
n asset account.
True or False: Your client was paid in cash for a service that they provided.
They've asked you to leave it off their financial records. Since you are employed
INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE
EXAM 2025 | ALL QUESTIONS AND CORRECT
ANSWERS | ALREADY GRADED A+ | LATEST VERSION
(JUST RELEASED)
What are the 5 Account Types? - (answers)- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - (answers)Assets = Liabilities + Equity
What does DEA/LER stand for? - (answers)- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the Accounting-Cycle? - (answers)1. Identify transactions
2. record transactions
3. run reports
4. adjusting entries
5. close the books
What are the 4 Types of financial statements? - (answers)- The income statement
(aka P&L statement: Income, COGS, expenses)
- The balance sheet (assets, liabilities, equity)
- The statement of equity
- The statement of cash flow
What are the 4 types of accounting adjustments? - (answers)- Deferrals
- Accruals
,2|Page
- Missing Transactions
- Tax Adjustments
What tasks would a bookkeeper do? - (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. - (answers)- $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? - (answers)- $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. - (answers)- $539,000
The accounting equation can be defined as: - (answers)- Assets = Liability + Equity
What the company owns or controls and expects to gain value from is defined as:
- (answers)- An Asset
What the company owes to others is defined as: - (answers)- Liabilities
The owner's stake in the company is defined as: - (answers)- Equity
A way of bookkeeping that tracks which accounts increase and which decrease for
a given transaction is known as: - (answers)- Double-entry Accounting
, 3|Page
Which of the following best defines a credit as it's used in double-entry
accounting? - (answers)- A decrease in assets/expenses and an increase in
liabilities/owner's equity and revenue.
Which of the following best defines a debit as it's used in double-entry
accounting? - (answers)- An increase in assets/expenses and a decrease in
liabilities/owner's equity and revenue.
You purchased inventory from your vendor and paid cash. The accounts affected
are the inventory account and the cash account. In your journal entry, which
account would you debit? - (answers)- Inventory account
An owner invests $1000 in the company. This transaction impacted the checking
account and the owner's equity account. In your journal entry, which account do
you credit? - (answers)- Owner's equity account
A sales manager purchases office supplies with the company credit card. This
transaction impacts the accounts payable and the office supplies accounts. In
your journal entry, which account do you credit? - (answers)- Accounts payable
The company pays off the credit card bill. This transaction impacts the accounts
payable and the cash accounts. In your journal entry, which account do you
credit? - (answers)- Cash account
Debits are always represented on what side of a T-chart? - (answers)- The left.
Short-term Investments would be an example of what kind of account? -
(answers)- An asset account.
Accounts payable would be an example of what kind of account? - (answers)- A
liability account.
Accounts receivable would be an example of what kind of account? - (answers)- A
n asset account.
True or False: Your client was paid in cash for a service that they provided.
They've asked you to leave it off their financial records. Since you are employed
