INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE QUESTIONS WITH CORRECT ANSWERS

INTUIT BOOKKEEPING
PROFESSIONAL CERTIFICATE
QUESTIONS WITH CORRECT
ANSWERS GRADED A+ FOR 2026
ASSURED EXCEL!!
Whatgaregtheg5gAccountgTypes?g-ggCORRECTgANSWERS-gAssets

-gLiabilities

-gEquity

-gRevenue

-gExpenses



Whatgisgthegaccountinggformula?g-ggCORRECTgANSWERSAssetsg=gLiabilitiesg+gEquityg+gRevenueg-
gExpenses




WhatgdoesgDEA/LERgstandgfor?g-ggCORRECTgANSWERS-gDebitg

ExpensesgandgAssets

-gCredit

Liabilities

Equity

Revenue



Whatgaregtheg6gstepsgofgthegAccounting-Cycle?g-ggCORRECTgANSWERS-
gCollectgandgAnalyzegTransactions



-gRecord/Postgtransactionsgtogthegledger

-gPreparegandgunadjustedgtrialgbalance

, -gPreparegadjustinggentriesgatgthegendgofgthegperiod

-gPreparegangadjustedgtrialgbalance

-gPreparegfinancialgstatements



Whatgaregtheg4gTypesgofgfinancialgstatements?g-ggCORRECTgANSWERS-gThegincomegstatement

-gThegbalancegsheet

-gThegstatementgofgequity

-gThegstatementgofgcashgflow



Whatgaregtheg4gtypesgofgaccountinggadjustments?g-ggCORRECTgANSWERS-gDeferrals

-gAccruals

-gMissinggTransactions

-gTaxgAdjustments



Whatgtasksgwouldgagbookkeepergdo?g-ggCORRECTgANSWERS-
gHandlegbankgfeedsgandgreconcilesgbankgaccounts,gmanaginggaccountsgreceivable/payable,gandgre


cordgfinancialgtransactions



MarygSmithgisgthegownergandgoperatorgofgSmithgConstruction.gAtgthegendgofgthegcompany'sgaccou
ntinggperiod,gDecemberg31,g2020,gSmithgConstructionghasgassetsgtotalingg$760,000gandgliabilitiesg
totalingg$240,000.



UsegthegaccountinggequationgtogcalculategwhatgMary'sgOwnergEquitygwouldgbegasgofgDecemberg31
,g2020.g-ggCORRECTgANSWERS-g$520,000



MikegAndersongisgthegownergandgoperatorgofgAndersongConsulting.gAtgthegendgofg2019,gthegcompa
ny'sgassetsgtotaledg$500,000gandgitsgliabilitiesgtotaledg$175,000.gAssuminggthatgovergtheg2020gfisc
algyear,gassetsgincreasedgbyg$120,000gandgliabilitiesgincreasedgbyg$72,000,gusegthegaccountinggequ