INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE ACTUAL 2025/2026 QUESTIONS
AND 100% CORRECT ANSWERS
Save
Terms in this set (170)
What are the 5 Account Types? - Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? Assets = Liabilities + Equity
What does DEA/LER stand for? - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the 1. Identify transactions
Accounting-Cycle? 2. record transactions
3. run reports
4. adjusting entries
5. close the books
,What are the 4 Types of financial - The income statement (aka P&L statement:
statements? 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 - Deferrals
adjustments? - 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 - $520,000
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.
, Mike Anderson is the owner and - $373,000
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?
Maria Garcia owns a software - $539,000
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.
The accounting equation can be - Assets = Liability + Equity
defined as:
What the company owns or controls - An Asset
and expects to gain value from is
defined as:
What the company owes to others is - Liabilities
defined as:
The owner's stake in the company is - Equity
defined as:
CERTIFICATE ACTUAL 2025/2026 QUESTIONS
AND 100% CORRECT ANSWERS
Save
Terms in this set (170)
What are the 5 Account Types? - Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? Assets = Liabilities + Equity
What does DEA/LER stand for? - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the 1. Identify transactions
Accounting-Cycle? 2. record transactions
3. run reports
4. adjusting entries
5. close the books
,What are the 4 Types of financial - The income statement (aka P&L statement:
statements? 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 - Deferrals
adjustments? - 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 - $520,000
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.
, Mike Anderson is the owner and - $373,000
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?
Maria Garcia owns a software - $539,000
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.
The accounting equation can be - Assets = Liability + Equity
defined as:
What the company owns or controls - An Asset
and expects to gain value from is
defined as:
What the company owes to others is - Liabilities
defined as:
The owner's stake in the company is - Equity
defined as:
