Intuit Bookkeeping Professional Certificate TEST AND STUDY GUIDE NEWEST EXAM 2024 WITH QUESTIONS AND DETAILED ANSWERS GRADED A+.

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ihih Certificate TEST AND STUDY GUIDE ihih ihih ihih ihih




NEWEST EXAM 2024 WITH ihih ihih ihih




ihih QUESTIONSAND DETAILED ANSWERS ih ihih ihih




GRADED A
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What are the 5 Account Types? - ANSWER>>- Assets
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- Liabilities
- Equity
- Revenue
- Expenses

What is the accounting formula? - ANSWER>>Assets = Liabilities + Equity
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What does DEA/LER stand for? - ANSWER>>-
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DebitExpenses and Assets
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- Credit
Liabilitie
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sEquity
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Revenu
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e

What are the 5 steps of the Accounting-Cycle? - ANSWER>>1.
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Identifytransactions
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2. record transactions ih




3. run reports ih




4. adjusting entries ih ih




5. close the books
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What are the 4 Types of financial statements? - ANSWER>>- The
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incomestatement (aka P&L statement: Income, COGS, expenses)
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- The balance sheet (assets, liabilities, equity)
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- The statement of equity
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- The statement of cash flow
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,What are the 4 types of accounting adjustments? - ANSWER>>- Deferrals
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- Accruals
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- Tax Adjustments ih




What tasks would a bookkeeper do? - ANSWER>>- Handle bank feeds and
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reconciles bank accounts, managing accounts receivable/payable,
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andrecord financial transactions
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Mary Smith is the owner and operator of Smith Construction. At the end
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of the company's accounting period, December 31, 2020, Smith
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Constructionhas assets totaling $760,000 and liabilities totaling $240,000.
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Use the accounting equation to calculate what Mary's Owner Equity wouldbe
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as of December 31, 2020. - ANSWER>>- $520,000
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Mike Anderson is the owner and operator of Anderson Consulting. At the
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end of 2019, the company's assets totaled $500,000 and its liabilities
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totaled $175,000. Assuming that over the 2020 fiscal year, assets
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increased by $120,000 and liabilities increased by $72,000, use the
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accounting equation to determine what Mike's Owner's equity will be as
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ofDecember 31, 2020? - ANSWER>>- $373,000
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Maria Garcia owns a software consulting firm. At the beginning of 2019,
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herfirm had assets of $800,000 and liabilities of $185,000. Assuming that
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assets decreased by $52,000 and liabilities increased by $24,000 during
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2020, use the accounting equation to calculate equity at the end of 2020. -
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ANSWER>>- $539,000
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The accounting equation can be defined as: - ANSWER>>- Assets
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=Liability + Equity
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What the company owns or controls and expects to gain value from
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isdefined as: - ANSWER>>- An Asset
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What the company owes to others is defined as: - ANSWER>>- Liabilities
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The owner's stake in the company is defined as: - ANSWER>>- Equity
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, A way of bookkeeping that tracks which accounts increase and which
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decrease for a given transaction is known as: - ANSWER>>- Double-
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entryAccounting ih




Which of the following best defines a credit as it's used in double-
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entryaccounting? - ANSWER>>- A decrease in assets/expenses and
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an increase in liabilities/owner's equity and revenue.
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Which of the following best defines a debit as it's used in double-
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entryaccounting? - ANSWER>>- An increase in assets/expenses and
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a decrease in liabilities/owner's equity and revenue.
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You purchased inventory from your vendor and paid cash. The
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accounts affected are the inventory account and the cash account. In
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your journal entry, which account would you debit? - ANSWER>>-
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Inventory account
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An owner invests $1000 in the company. This transaction impacted
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the checking account and the owner's equity account. In your journal
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entry, which account do you credit? - ANSWER>>- Owner's equity
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account
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A sales manager purchases office supplies with the company credit
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card.This transaction impacts the accounts payable and the office
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supplies accounts. In your journal entry, which account do you credit? -
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ANSWER>>- Accounts payable
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The company pays off the credit card bill. This transaction impacts
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theaccounts payable and the cash accounts. In your journal entry,
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which account do you credit? - ANSWER>>- Cash account
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Debits are always represented on what side of a T-chart? - ANSWER>>-
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The left.
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Short-term Investments would be an example of what kind of account? - ih ih ih ih ih ih ih ih ih ih ih




ANSWER>>- An asset account.
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Accounts payable would be an example of what kind of account? -
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ANSWER>>- A liability account.
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Accounts receivable would be an example of what kind of account? -
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ANSWER>>- An asset account.
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