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Intuit Bookkeeping Professional Certificate
EXAM COMPLETE Questions and Detailed
Answers Latest Update This Year
QUESTION: 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
QUESTION: 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
QUESTION: 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
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and liabilities increased by $24,000 during 2020, use the accounting equation to calculate
equity at the end of 2020. - ANSWER-- $539,000
QUESTION: The accounting equation can be defined as: - ANSWER-- Assets = Liability + Equity
QUESTION: What the company owns or controls and expects to gain value from is defined as: -
ANSWER-- An Asset
QUESTION: What the company owes to others is defined as: - ANSWER-- Liabilities
What are the 5 Account Types? - ANSWER-- Assets
- Liabilities
- Equity
- Revenue
- Expenses
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QUESTION: What is the accounting formula? - ANSWER-Assets = Liabilities + Equity
QUESTION: What does DEA/LER stand for? - ANSWER-- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
QUESTION: 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
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QUESTION: 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
QUESTION: What are the 4 types of accounting adjustments? - ANSWER-- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
QUESTION: What tasks would a bookkeeper do? - ANSWER-- Handle bank feeds and reconciles
bank accounts, managing accounts receivable/payable, and record financial transactions
QUESTION: The owner's stake in the company is defined as: - ANSWER-- Equity
1 ALL THE BEST CHAMP!!
Intuit Bookkeeping Professional Certificate
EXAM COMPLETE Questions and Detailed
Answers Latest Update This Year
QUESTION: 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
QUESTION: 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
QUESTION: 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
1 ALL THE BEST CHAMP!!
, Page 2 of 35
and liabilities increased by $24,000 during 2020, use the accounting equation to calculate
equity at the end of 2020. - ANSWER-- $539,000
QUESTION: The accounting equation can be defined as: - ANSWER-- Assets = Liability + Equity
QUESTION: What the company owns or controls and expects to gain value from is defined as: -
ANSWER-- An Asset
QUESTION: What the company owes to others is defined as: - ANSWER-- Liabilities
What are the 5 Account Types? - ANSWER-- Assets
- Liabilities
- Equity
- Revenue
- Expenses
1 ALL THE BEST CHAMP!!
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QUESTION: What is the accounting formula? - ANSWER-Assets = Liabilities + Equity
QUESTION: What does DEA/LER stand for? - ANSWER-- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
QUESTION: 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
1 ALL THE BEST CHAMP!!
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QUESTION: 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
QUESTION: What are the 4 types of accounting adjustments? - ANSWER-- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
QUESTION: What tasks would a bookkeeper do? - ANSWER-- Handle bank feeds and reconciles
bank accounts, managing accounts receivable/payable, and record financial transactions
QUESTION: The owner's stake in the company is defined as: - ANSWER-- Equity
1 ALL THE BEST CHAMP!!
