Intuit Bookkeeping Professional
Certificate Exam Questions Fully
Solved.
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
, - 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
Certificate Exam Questions Fully
Solved.
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
, - 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
