Bookkeeping Class by Intuit Questions and Correct Answers
1. Bookkeepers typically... ANSWER Record financial transactions, reconcile bank accounts, manage
accounts re- ceivable, manage accounts payable, work with tax preparers and assist with tax compliance, and
generate financial statements.
2. As a bookkeeper what would Honesty mean? ANSWER Reporting financial data accordin
and timley,
owning up to and trying ti fix any mistakes, and being open and transparent with clients about their business.
3. As a bookkeeper what would Objectivity mean? ANSWER Not taking any jobs/ clients that
could pose conflict of interest, not allowing outside parties to influence findings, not letting personal bias get in
the way of your performance.
4. As a bookkeeper what would Confidentiality mean? ANSWER Not discussing business
details
outside of the job and NEVER using inside information for personal gain.
5. As a bookkeeper what would Profesionalism mean? ANSWER Being considerate of
clients needs/ time, avoiding personal/profesional activities that could bring shame to profession/business,
maintaining proper credentials, and keeping skills through continuing education.
6. What is the Accounting Equation ANSWER Assets=Liability+Equity
7. What are some examples of a Liability? ANSWER Morgage,(money owed to a lender)
Credit Card(s)- (money borrowed from bank with expectation of paying it back)
Payroll or sales tax owed to a government-(most business will owe one or more types of taxes to federal, state, or local
governments)
8. What are some examples of an Asset? ANSWER Accounts Receivable-(money owed to the
business by
customers)
Investments in other companies-( potentially sell for cash)
9. What are some examples of Equity? ANSWER Money invested into the company by one or more
owners
10. Double-Entry Accounting ANSWER A common way to record transactions records which accounts
increase and
decrease. Recorded in debit and credit columns. (Totals HAVE to be balanced)
11. What side can debits and credits be found on? ANSWER Debits are
on the left Credits are on the right
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, Bookkeeping Class by Intuit Questions and Correct Answers
12. How do you know if something is a Debit or a Credit? ANSWER Ask yourself, What kind
of account are we looking at? and Is the balance increasing or decreasing?
13. What are the 5 account types?
ANSWER Assets Liability
Equity
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1. Bookkeepers typically... ANSWER Record financial transactions, reconcile bank accounts, manage
accounts re- ceivable, manage accounts payable, work with tax preparers and assist with tax compliance, and
generate financial statements.
2. As a bookkeeper what would Honesty mean? ANSWER Reporting financial data accordin
and timley,
owning up to and trying ti fix any mistakes, and being open and transparent with clients about their business.
3. As a bookkeeper what would Objectivity mean? ANSWER Not taking any jobs/ clients that
could pose conflict of interest, not allowing outside parties to influence findings, not letting personal bias get in
the way of your performance.
4. As a bookkeeper what would Confidentiality mean? ANSWER Not discussing business
details
outside of the job and NEVER using inside information for personal gain.
5. As a bookkeeper what would Profesionalism mean? ANSWER Being considerate of
clients needs/ time, avoiding personal/profesional activities that could bring shame to profession/business,
maintaining proper credentials, and keeping skills through continuing education.
6. What is the Accounting Equation ANSWER Assets=Liability+Equity
7. What are some examples of a Liability? ANSWER Morgage,(money owed to a lender)
Credit Card(s)- (money borrowed from bank with expectation of paying it back)
Payroll or sales tax owed to a government-(most business will owe one or more types of taxes to federal, state, or local
governments)
8. What are some examples of an Asset? ANSWER Accounts Receivable-(money owed to the
business by
customers)
Investments in other companies-( potentially sell for cash)
9. What are some examples of Equity? ANSWER Money invested into the company by one or more
owners
10. Double-Entry Accounting ANSWER A common way to record transactions records which accounts
increase and
decrease. Recorded in debit and credit columns. (Totals HAVE to be balanced)
11. What side can debits and credits be found on? ANSWER Debits are
on the left Credits are on the right
1/9
, Bookkeeping Class by Intuit Questions and Correct Answers
12. How do you know if something is a Debit or a Credit? ANSWER Ask yourself, What kind
of account are we looking at? and Is the balance increasing or decreasing?
13. What are the 5 account types?
ANSWER Assets Liability
Equity
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