BOOKKEEPING CLASS BY INTUIT QUESTIONS WITH CORRECT ANSWERS 2025

BOOKKEEPING CLASS BY INTUIT QUESTIONS
WITH CORRECT ANSWERS 2025
BookkeepersMtypically...M-MCORRECTMANSWERM-
RecordMfinancialMtransactions,MreconcileMbankMaccounts,MmanageMaccountsMreceivable,Mmanage
MaccountsMpayable,MworkMwithMtaxMpreparersMandMassistMwithMtaxMcompliance,MandMgenerateMfin


ancialMstatements.



AsMaMbookkeeperMwhatMwouldMHonestyMmean?M-MCORRECTMANSWERM-
ReportingMfinancialMdataMaccordinglyMandMtimley,MowningMupMtoMandMtryingMtiMfixManyMmistakes,M
andMbeingMopenMandMtransparentMwithMclientsMaboutMtheirMbusiness.



AsMaMbookkeeperMwhatMwouldMObjectivityMmean?M-MCORRECTMANSWERM-
NotMtakingManyMjobs/MclientsMthatMcouldMposeMconflictMofMinterest,MnotMallowingMoutsideMparties
MtoMinfluenceMfindings,MnotMlettingMpersonalMbiasMgetMinMtheMwayMofMyourMperformance.




AsMaMbookkeeperMwhatMwouldMConfidentialityMmean?M-MCORRECTMANSWERM-
NotMdiscussingMbusinessMdetailsMoutsideMofMtheMjobMandMNEVERMusingMinsideMinformationMforMp
ersonalMgain.



AsMaMbookkeeperMwhatMwouldMProfesionalismMmean?M-MCORRECTMANSWERM-
BeingMconsiderateMofMclientsMneeds/Mtime,MavoidingMpersonal/profesionalMactivitiesMthatMcouldM
bringMshameMtoMprofession/business,MmaintainingMproperMcredentials,MandMkeepingMskillsMthrou
ghMcontinuingMeducation.



WhatMisMtheMAccountingMEquationM-MCORRECTMANSWERM-Assets=Liability+Equity



WhatMareMsomeMexamplesMofMaMLiability?M-MCORRECTMANSWERM-
Morgage,(moneyMowedMtoMaMlender)

CreditMCard(s)-M(moneyMborrowedMfromMbankMwithMexpectationMofMpayingMitMback)

PayrollMorMsalesMtaxMowedMtoMaMgovernment-
(mostMbusinessMwillMoweMoneMorMmoreMtypesMofMtaxesMtoMfederal,Mstate,MorMlocalMgovernments)

, WhatMareMsomeMexamplesMofManMAsset?M-MCORRECTMANSWERM-AccountsMReceivable-
(moneyMowedMtoMtheMbusinessMbyMcustomers)

InvestmentsMinMotherMcompanies-(MpotentiallyMsellMforMcash)



WhatMareMsomeMexamplesMofMEquity?M-MCORRECTMANSWERM-
MoneyMinvestedMintoMtheMcompanyMbyMoneMorMmoreMowners



Double-EntryMAccountingM-MCORRECTMANSWERM-
AMcommonMwayMtoMrecordMtransactionsMrecordsMwhichMaccountsMincreaseMandMdecrease.MRecor
dedMinMdebitMandMcreditMcolumns.M(TotalsMHAVEMtoMbeMbalanced)



WhatMsideMcanMdebitsMandMcreditsMbeMfoundMon?M-MCORRECTMANSWERM-DebitsMareMonMtheMleft

CreditsMareMonMtheMright



HowMdoMyouMknowMifMsomethingMisMaMDebitMorMaMCredit?M-MCORRECTMANSWERM-
AskMyourself,MWhatMkindMofMaccountMareMweMlookingMat?MandMIsMtheMbalanceMincreasingMorMdecr
easing?



WhatMareMtheM5MaccountMtypes?M-MCORRECTMANSWERM-Assets

Liability

Equity

Revenue

Expenses



WhatMisMtheMexpandedMAccountingMEquation?M-MCORRECTMANSWERM-
{Assets=Liabilities+Equity}+[Revenues-Expences]

{BalanceMSheet}M[IncomeMstatement]