©THESTAR 2024/2025 ALL RIGHTS RESERVED 12:54PM.
Intuit Bookkeeping Professional Certificate
Exam Questions And Answers 2025 Update.
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
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, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 12:54PM.
- 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✔- A
n Asset
What the company owes to others is defined as: - Answer✔- Liabilities
The owner's stake in the company is defined as: - Answer✔- Equity
A way of bookkeeping that tracks which accounts increase and which decrease for a given
transaction is known as: - Answer✔- Double-entry Accounting
Which of the following best defines a credit as it's used in double-entry accounting? - Answer✔-
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? - Answer✔-
An increase in assets/expenses and a decrease in liabilities/owner's equity and revenue.
2
Intuit Bookkeeping Professional Certificate
Exam Questions And Answers 2025 Update.
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
1
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 12:54PM.
- 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✔- A
n Asset
What the company owes to others is defined as: - Answer✔- Liabilities
The owner's stake in the company is defined as: - Answer✔- Equity
A way of bookkeeping that tracks which accounts increase and which decrease for a given
transaction is known as: - Answer✔- Double-entry Accounting
Which of the following best defines a credit as it's used in double-entry accounting? - Answer✔-
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? - Answer✔-
An increase in assets/expenses and a decrease in liabilities/owner's equity and revenue.
2
