Intuit Bookkeeping Professional Certificate Exam| Question and Correct Answers| Already Passed| Rated A+| Updated 2025

Intuit Bookkeeping Professional Certificate Exam| Question and Correct Answers| Already Passed| Rated A+| Updated 2025 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.