Intuit Bookkeeping Professional Certificate
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HPA 455 ARC TRAINING Management Chapter 1 Test Bank Financi
Teacher 20 terms Teacher 200 terms Teacher 86 terms Teacher
jeuribenah254 Preview zanil9624 Preview Kylie_Zan Preview brit
What are the 5 Account Types? - Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? Assets = Liabilities + Equity
What does DEA/LER stand for? - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the Accounting-Cycle? 1. Identify transactions
2. record transactions
3. run reports
4. adjusting entries
5. close the books
What are the 4 Types of financial statements? - 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? - Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
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 operator of Smith - $520,000
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 operator of Anderson - $373,000
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?
Maria Garcia owns a software consulting firm. At the - $539,000
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.
The accounting equation can be defined as: - Assets = Liability + Equity
What the company owns or controls and expects to gain - An Asset
value from is defined as:
What the company owes to others is defined as: - Liabilities
The owner's stake in the company is defined as: - Equity
A way of bookkeeping that tracks which accounts - Double-entry Accounting
increase and which decrease for a given transaction is
known as:
Which of the following best defines a credit as it's used in - A decrease in assets/expenses and an increase in liabilities/owner's equity and
double-entry accounting? revenue.
Which of the following best defines a debit as it's used in - An increase in assets/expenses and a decrease in liabilities/owner's equity and
double-entry accounting? revenue.
You purchased inventory from your vendor and paid - Inventory account
cash. The accounts affected are the inventory account
and the cash account. In your journal entry, which
account would you debit?
An owner invests $1000 in the company. This transaction - Owner's equity account
impacted the checking account and the owner's equity
account. In your journal entry, which account do you
credit?
Save
Students also studied
HPA 455 ARC TRAINING Management Chapter 1 Test Bank Financi
Teacher 20 terms Teacher 200 terms Teacher 86 terms Teacher
jeuribenah254 Preview zanil9624 Preview Kylie_Zan Preview brit
What are the 5 Account Types? - Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? Assets = Liabilities + Equity
What does DEA/LER stand for? - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the Accounting-Cycle? 1. Identify transactions
2. record transactions
3. run reports
4. adjusting entries
5. close the books
What are the 4 Types of financial statements? - 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? - Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
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 operator of Smith - $520,000
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 operator of Anderson - $373,000
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?
Maria Garcia owns a software consulting firm. At the - $539,000
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.
The accounting equation can be defined as: - Assets = Liability + Equity
What the company owns or controls and expects to gain - An Asset
value from is defined as:
What the company owes to others is defined as: - Liabilities
The owner's stake in the company is defined as: - Equity
A way of bookkeeping that tracks which accounts - Double-entry Accounting
increase and which decrease for a given transaction is
known as:
Which of the following best defines a credit as it's used in - A decrease in assets/expenses and an increase in liabilities/owner's equity and
double-entry accounting? revenue.
Which of the following best defines a debit as it's used in - An increase in assets/expenses and a decrease in liabilities/owner's equity and
double-entry accounting? revenue.
You purchased inventory from your vendor and paid - Inventory account
cash. The accounts affected are the inventory account
and the cash account. In your journal entry, which
account would you debit?
An owner invests $1000 in the company. This transaction - Owner's equity account
impacted the checking account and the owner's equity
account. In your journal entry, which account do you
credit?
