INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS What are the 5 Account Types? - Answer -- Assets - Liabilities - Equity - Revenue - Expenses What is the accounting formula? - Answer -Assets = Liabilities + Equity What does DEA/LER stand for? - Answer -- Debit Expenses and Assets - Credit Liabilities Equity RevenueWhat are the 5 steps of the Accounting-Cycle? - Answer -1. Identify transactions 2. record transactions 3. run reports 4. adjusting entries 5. close the books What are the 4 Types of financial statements? - Answer -- 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? - Answer -- Deferrals - Accruals - Missing Transactions - Tax Adjustments What tasks would a bookkeeper do? - Answer -- Handle bank feeds and reconciles bank accounts, managing accounts receivable/payable, and record financial transactions