Bookkeeping Class by Intuit -Newest updated Exam with || || || || || || || ||
accurate detailed answers || ||
Bookkeepers typically... - ✔✔Record financial transactions, reconcile bank accounts, manage || || || || || || || || || ||
accounts receivable, manage accounts payable, work with tax preparers and assist with tax
|| || || || || || || || || || || || ||
compliance, and generate financial statements. || || || ||
As a bookkeeper what would Honesty mean? - ✔✔Reporting financial data accordingly and
|| || || || || || || || || || || || ||
timley, owning up to and trying ti fix any mistakes, and being open and transparent with clients
|| || || || || || || || || || || || || || || || ||
about their business. || ||
As a bookkeeper what would Objectivity mean? - ✔✔Not taking any jobs/ clients that could pose
|| || || || || || || || || || || || || || || ||
conflict of interest, not allowing outside parties to influence findings, not letting personal bias get
|| || || || || || || || || || || || || || ||
in the way of your performance.
|| || || || ||
As a bookkeeper what would Confidentiality mean? - ✔✔Not discussing business details outside
|| || || || || || || || || || || || ||
of the job and NEVER using inside information for personal gain.
|| || || || || || || || || ||
As a bookkeeper what would Profesionalism mean? - ✔✔Being considerate of clients needs/
|| || || || || || || || || || || || ||
time, avoiding personal/profesional activities that could bring shame to profession/business,
|| || || || || || || || || ||
maintaining proper credentials, and keeping skills through continuing education. || || || || || || || ||
What is the Accounting Equation - ✔✔Assets=Liability+Equity
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What are some examples of a Liability? - ✔✔Morgage,(money owed to a lender)
|| || || || || || || || || || || ||
Credit Card(s)- (money borrowed from bank with expectation of paying it back)
|| || || || || || || || || || ||
Payroll or sales tax owed to a government-(most business will owe one or more types of taxes to
|| || || || || || || || || || || || || || || || || ||
federal, state, or local governments) || || || ||
, What are some examples of an Asset? - ✔✔Accounts Receivable-(money owed to the business
|| || || || || || || || || || || || || ||
by customers)
||
Investments in other companies-( potentially sell for cash) || || || || || || ||
What are some examples of Equity? - ✔✔Money invested into the company by one or more
|| || || || || || || || || || || || || || || ||
owners
Double-Entry Accounting - ✔✔A common way to record transactions records which accounts
|| || || || || || || || || || || ||
increase and decrease. Recorded in debit and credit columns. (Totals HAVE to be balanced)
|| || || || || || || || || || || || ||
What side can debits and credits be found on? - ✔✔Debits are on the left
|| || || || || || || || || || || || || ||
Credits are on the right || || || ||
How do you know if something is a Debit or a Credit? - ✔✔Ask yourself, What kind of account
|| || || || || || || || || || || || || || || || || || ||
are we looking at? and Is the balance increasing or decreasing?
|| || || || || || || || || ||
What are the 5 account types? - ✔✔Assets
|| || || || || || ||
Liability
Equity
Revenue
Expenses
What is the expanded Accounting Equation? - ✔✔{Assets=Liabilities+Equity}+[Revenues-
|| || || || || || ||
Expences]
{Balance Sheet} [Income statement] || || ||
{Assets+Expenses}=[Liabilities+Equity+Revenue]
How do Debits and Credits work in an ASSETS Account? - ✔✔Debits are an increase and
|| || || || || || || || || || || || || || || ||
Credits are a decrease || || ||
accurate detailed answers || ||
Bookkeepers typically... - ✔✔Record financial transactions, reconcile bank accounts, manage || || || || || || || || || ||
accounts receivable, manage accounts payable, work with tax preparers and assist with tax
|| || || || || || || || || || || || ||
compliance, and generate financial statements. || || || ||
As a bookkeeper what would Honesty mean? - ✔✔Reporting financial data accordingly and
|| || || || || || || || || || || || ||
timley, owning up to and trying ti fix any mistakes, and being open and transparent with clients
|| || || || || || || || || || || || || || || || ||
about their business. || ||
As a bookkeeper what would Objectivity mean? - ✔✔Not taking any jobs/ clients that could pose
|| || || || || || || || || || || || || || || ||
conflict of interest, not allowing outside parties to influence findings, not letting personal bias get
|| || || || || || || || || || || || || || ||
in the way of your performance.
|| || || || ||
As a bookkeeper what would Confidentiality mean? - ✔✔Not discussing business details outside
|| || || || || || || || || || || || ||
of the job and NEVER using inside information for personal gain.
|| || || || || || || || || ||
As a bookkeeper what would Profesionalism mean? - ✔✔Being considerate of clients needs/
|| || || || || || || || || || || || ||
time, avoiding personal/profesional activities that could bring shame to profession/business,
|| || || || || || || || || ||
maintaining proper credentials, and keeping skills through continuing education. || || || || || || || ||
What is the Accounting Equation - ✔✔Assets=Liability+Equity
|| || || || || ||
What are some examples of a Liability? - ✔✔Morgage,(money owed to a lender)
|| || || || || || || || || || || ||
Credit Card(s)- (money borrowed from bank with expectation of paying it back)
|| || || || || || || || || || ||
Payroll or sales tax owed to a government-(most business will owe one or more types of taxes to
|| || || || || || || || || || || || || || || || || ||
federal, state, or local governments) || || || ||
, What are some examples of an Asset? - ✔✔Accounts Receivable-(money owed to the business
|| || || || || || || || || || || || || ||
by customers)
||
Investments in other companies-( potentially sell for cash) || || || || || || ||
What are some examples of Equity? - ✔✔Money invested into the company by one or more
|| || || || || || || || || || || || || || || ||
owners
Double-Entry Accounting - ✔✔A common way to record transactions records which accounts
|| || || || || || || || || || || ||
increase and decrease. Recorded in debit and credit columns. (Totals HAVE to be balanced)
|| || || || || || || || || || || || ||
What side can debits and credits be found on? - ✔✔Debits are on the left
|| || || || || || || || || || || || || ||
Credits are on the right || || || ||
How do you know if something is a Debit or a Credit? - ✔✔Ask yourself, What kind of account
|| || || || || || || || || || || || || || || || || || ||
are we looking at? and Is the balance increasing or decreasing?
|| || || || || || || || || ||
What are the 5 account types? - ✔✔Assets
|| || || || || || ||
Liability
Equity
Revenue
Expenses
What is the expanded Accounting Equation? - ✔✔{Assets=Liabilities+Equity}+[Revenues-
|| || || || || || ||
Expences]
{Balance Sheet} [Income statement] || || ||
{Assets+Expenses}=[Liabilities+Equity+Revenue]
How do Debits and Credits work in an ASSETS Account? - ✔✔Debits are an increase and
|| || || || || || || || || || || || || || || ||
Credits are a decrease || || ||
