ntuit Bookkeeping Professional Certificate Part 3
Knowledge Checks/Activities/Quizzes | Actual
Questions & Verified Answers | 100% Correct
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
Revenue
What 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
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.
, Use the accounting equation to calculate what Mary's Owner Equity
would be as of December 31, 2020. - Answer>>>>- $520,000
Mike Anderson is the owner and 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? - Answer>>>>- $373,000
Maria Garcia owns a software 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. - Answer>>>>- $539,000
The accounting equation can be defined as: - Answer>>>>- Assets =
Liability + Equity
What the company owns or controls and expects to gain value from is
defined as: - Answer>>>>- An Asset
What the company owes to others is defined as: - Answer>>>>-
Liabilities
Knowledge Checks/Activities/Quizzes | Actual
Questions & Verified Answers | 100% Correct
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
Revenue
What 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
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.
, Use the accounting equation to calculate what Mary's Owner Equity
would be as of December 31, 2020. - Answer>>>>- $520,000
Mike Anderson is the owner and 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? - Answer>>>>- $373,000
Maria Garcia owns a software 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. - Answer>>>>- $539,000
The accounting equation can be defined as: - Answer>>>>- Assets =
Liability + Equity
What the company owns or controls and expects to gain value from is
defined as: - Answer>>>>- An Asset
What the company owes to others is defined as: - Answer>>>>-
Liabilities
