Intuit Bookkeeping Professional Certificate-
Examination with Well Detailed Question &
Answers Perfectly A+ Grade (Newest
Updated Version)
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
- 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>>>>- An Asset
What the company owes to others is defined as: ANSWER>>>>- Liabilities
Examination with Well Detailed Question &
Answers Perfectly A+ Grade (Newest
Updated Version)
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
- 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>>>>- An Asset
What the company owes to others is defined as: ANSWER>>>>- Liabilities
