Intuit Bookkeeping Professional
Certificate Exam Questions and Solutions
What are the 5 Account Types? - -- Assets
- Liabilities
- Equity
- Revenue
- Expenses
-What is the accounting formula? - -Assets = Liabilities + Equity + Revenue
- Expenses
-What does DEA/LER stand for? - -- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
-What are the 6 steps of the Accounting-Cycle? - -- 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? - -- The income statement
- The balance sheet
- The statement of equity
- The statement of cash flow
-What are the 4 types of accounting adjustments? - -- Deferrals
- 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 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. - -- $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? -
-- $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. - -- $539,000
-The accounting equation can be defined as: - -- Assets = Liability + Equity
-What the company owns or controls and expects to gain value from is
defined as: - -- An Asset
-What the company owes to others is defined as: - -- Liabilities
-The owner's stake in the company is defined as: - -- Equity
-A way of bookkeeping that tracks which accounts increase and which
decrease for a given transaction is known as: - -- Double-entry Accounting
-Which of the following best defines a credit as it's used in double-entry
accounting? - -- A decrease in assets/expenses and an increase in
liabilities/owner's equity and revenue.
-Which of the following best defines a debit as it's used in double-entry
accounting? - -- An increase in assets/expenses and a decrease in
liabilities/owner's equity and revenue.
-You purchased inventory from your vendor and paid cash. The accounts
affected are the inventory account and the cash account. In your journal
entry, which account would you debit? - -- Inventory account
-An owner invests $1000 in the company. This transaction impacted the
checking account and the owner's equity account. In your journal entry,
which account do you credit? - -- Owner's equity account
-A sales manager purchases office supplies with the company credit card.
This transaction impacts the accounts payable and the office supplies
Certificate Exam Questions and Solutions
What are the 5 Account Types? - -- Assets
- Liabilities
- Equity
- Revenue
- Expenses
-What is the accounting formula? - -Assets = Liabilities + Equity + Revenue
- Expenses
-What does DEA/LER stand for? - -- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
-What are the 6 steps of the Accounting-Cycle? - -- 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? - -- The income statement
- The balance sheet
- The statement of equity
- The statement of cash flow
-What are the 4 types of accounting adjustments? - -- Deferrals
- 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 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. - -- $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? -
-- $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. - -- $539,000
-The accounting equation can be defined as: - -- Assets = Liability + Equity
-What the company owns or controls and expects to gain value from is
defined as: - -- An Asset
-What the company owes to others is defined as: - -- Liabilities
-The owner's stake in the company is defined as: - -- Equity
-A way of bookkeeping that tracks which accounts increase and which
decrease for a given transaction is known as: - -- Double-entry Accounting
-Which of the following best defines a credit as it's used in double-entry
accounting? - -- A decrease in assets/expenses and an increase in
liabilities/owner's equity and revenue.
-Which of the following best defines a debit as it's used in double-entry
accounting? - -- An increase in assets/expenses and a decrease in
liabilities/owner's equity and revenue.
-You purchased inventory from your vendor and paid cash. The accounts
affected are the inventory account and the cash account. In your journal
entry, which account would you debit? - -- Inventory account
-An owner invests $1000 in the company. This transaction impacted the
checking account and the owner's equity account. In your journal entry,
which account do you credit? - -- Owner's equity account
-A sales manager purchases office supplies with the company credit card.
This transaction impacts the accounts payable and the office supplies
