INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE Real Exam
Questions WITH 100% RATED Correct Answers EXPERT
VERIFIED JUST RELEASED GET IT A+
What are the 5 Account Types? -- CORRECT ANSWER- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - CORRECT ANSWER-Assets = Liabilities + Equity
What does DEA/LER stand for? - CORRECT ANSWER-- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the Accounting-Cycle? - CORRECT 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? - CORRECT 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? - CORRECT ANSWER-- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
What tasks would a bookkeeper do? - CORRECT 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. - CORRECT 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? - CORRECT 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. - CORRECT ANSWER-- $539,000
The accounting equation can be defined as: - CORRECT ANSWER-- Assets = Liability + Equity
What the company owns or controls and expects to gain value from is defined as: - CORRECT
ANSWER-- An Asset
What the company owes to others is defined as: - CORRECT ANSWER-- Liabilities
The owner's stake in the company is defined as: - CORRECT ANSWER-- Equity
A way of bookkeeping that tracks which accounts increase and which decrease for a given
transaction is known as: - CORRECT ANSWER-- Double-entry Accounting
Which of the following best defines a credit as it's used in double-entry accounting? - CORRECT
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? - CORRECT
ANSWER-- An increase in assets/expenses and a decrease in liabilities/owner's equity and
revenue.
Questions WITH 100% RATED Correct Answers EXPERT
VERIFIED JUST RELEASED GET IT A+
What are the 5 Account Types? -- CORRECT ANSWER- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - CORRECT ANSWER-Assets = Liabilities + Equity
What does DEA/LER stand for? - CORRECT ANSWER-- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the Accounting-Cycle? - CORRECT 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? - CORRECT 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? - CORRECT ANSWER-- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
What tasks would a bookkeeper do? - CORRECT 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. - CORRECT 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? - CORRECT 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. - CORRECT ANSWER-- $539,000
The accounting equation can be defined as: - CORRECT ANSWER-- Assets = Liability + Equity
What the company owns or controls and expects to gain value from is defined as: - CORRECT
ANSWER-- An Asset
What the company owes to others is defined as: - CORRECT ANSWER-- Liabilities
The owner's stake in the company is defined as: - CORRECT ANSWER-- Equity
A way of bookkeeping that tracks which accounts increase and which decrease for a given
transaction is known as: - CORRECT ANSWER-- Double-entry Accounting
Which of the following best defines a credit as it's used in double-entry accounting? - CORRECT
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? - CORRECT
ANSWER-- An increase in assets/expenses and a decrease in liabilities/owner's equity and
revenue.
