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Intuit Bookkeeping Professional Certificate Actual 2026/2027 Questions And 100% Correct Answers

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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE ACTUAL 2026/2027 QUESTIONS AND 100% CORRECT ANSWERS

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INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE ACTUAL 2026/2027
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 + Revenue
- Expenses


What does DEA/LER stand for? - ANSWER-- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue

, What are the 6 steps of the Accounting-Cycle? - ANSWER-- Collect and Analyze
Transactions
- Record/Post transactions to the ledger
- Prepare and unadjusted trial balance
- Prepare adjusting entries at the end of the period
- Prepare an adjusted trial balance
- Prepare financial statements


What are the 4 Types of financial statements? - ANSWER-- The income statement
- The balance sheet
- 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.

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