7/19/26, 6:59 AM Intuit Bookkeeping Professional Certificate EXAM, || QUESTIONS WITH ACCURATE ANSWERS || comprehensive questions and v…
Intuit Bookkeeping Professional Certificate
EXAM, || QUESTIONS WITH ACCURATE ANSWERS
|| comprehensive questions and verified answers
| GET IT RIGHT |2026!
Save Add to calendar
Play your way to mastery with fun games
Blast
Terms in this set (170)
What are the 5 Account Types? - Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? Assets = Liabilities + Equity
https://quizlet.com/1195373966/intuit-bookkeeping-professional-certificate-exam-questions-with-accurate-answers-comprehensive-questions-and-veri… 1/25
,7/19/26, 6:59 AM Intuit Bookkeeping Professional Certificate EXAM, || QUESTIONS WITH ACCURATE ANSWERS || comprehensive questions and v…
What does DEA/LER stand for? - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the 1. Identify transactions
Accounting-Cycle? 2. record transactions
3. run reports
4. adjusting entries
5. close the books
What are the 4 Types of financial - The income statement (aka P&L statement:
statements? 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 - Deferrals
adjustments? - Accruals
- Missing Transactions
- Tax Adjustments
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, 7/19/26, 6:59 AM Intuit Bookkeeping Professional Certificate EXAM, || QUESTIONS WITH ACCURATE ANSWERS || comprehensive questions and v…
What tasks would a bookkeeper do? - Handle bank feeds and reconciles bank accounts,
managing accounts receivable/payable, and
record financial transactions
Mary Smith is the owner and - $520,000
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.
Mike Anderson is the owner and - $373,000
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?
https://quizlet.com/1195373966/intuit-bookkeeping-professional-certificate-exam-questions-with-accurate-answers-comprehensive-questions-and-veri… 3/25
Intuit Bookkeeping Professional Certificate
EXAM, || QUESTIONS WITH ACCURATE ANSWERS
|| comprehensive questions and verified answers
| GET IT RIGHT |2026!
Save Add to calendar
Play your way to mastery with fun games
Blast
Terms in this set (170)
What are the 5 Account Types? - Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? Assets = Liabilities + Equity
https://quizlet.com/1195373966/intuit-bookkeeping-professional-certificate-exam-questions-with-accurate-answers-comprehensive-questions-and-veri… 1/25
,7/19/26, 6:59 AM Intuit Bookkeeping Professional Certificate EXAM, || QUESTIONS WITH ACCURATE ANSWERS || comprehensive questions and v…
What does DEA/LER stand for? - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the 1. Identify transactions
Accounting-Cycle? 2. record transactions
3. run reports
4. adjusting entries
5. close the books
What are the 4 Types of financial - The income statement (aka P&L statement:
statements? 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 - Deferrals
adjustments? - Accruals
- Missing Transactions
- Tax Adjustments
https://quizlet.com/1195373966/intuit-bookkeeping-professional-certificate-exam-questions-with-accurate-answers-comprehensive-questions-and-veri… 2/25
, 7/19/26, 6:59 AM Intuit Bookkeeping Professional Certificate EXAM, || QUESTIONS WITH ACCURATE ANSWERS || comprehensive questions and v…
What tasks would a bookkeeper do? - Handle bank feeds and reconciles bank accounts,
managing accounts receivable/payable, and
record financial transactions
Mary Smith is the owner and - $520,000
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.
Mike Anderson is the owner and - $373,000
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?
https://quizlet.com/1195373966/intuit-bookkeeping-professional-certificate-exam-questions-with-accurate-answers-comprehensive-questions-and-veri… 3/25
