Intuit Bookkeeping Professional ||\\||\\ ||\\||\\ ||\\||\\
Certificate exam with correct answers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What are the 5 Account Types? - correct answers✔✔- Assets
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Liabilities
||\\||\\
- Equity
||\\||\\
- Revenue
||\\||\\
- Expenses
||\\||\\
What is the accounting formula? - correct answers✔✔Assets =
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Liabilities + Equity + Revenue - Expenses ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What does DEA/LER stand for? - correct answers✔✔- Debit
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Expenses and Assets ||\\||\\ ||\\||\\
- Credit
||\\||\\
Liabilities
Equity
Revenue
,What are the 6 steps of the Accounting-Cycle? - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔- Collect and Analyze Transactions ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Record/Post transactions to the ledger
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Prepare and unadjusted trial balance
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Prepare adjusting entries at the end of the period
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Prepare an adjusted trial balance
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Prepare financial statements
||\\||\\ ||\\||\\ ||\\||\\
What are the 4 Types of financial statements? - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔- The income statement ||\\||\\ ||\\||\\ ||\\||\\
- The balance sheet
||\\||\\ ||\\||\\ ||\\||\\
- The statement of equity
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- The statement of cash flow
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What are the 4 types of accounting adjustments? - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔- Deferrals ||\\||\\
- Accruals
||\\||\\
- Missing Transactions
||\\||\\ ||\\||\\
- Tax Adjustments
||\\||\\ ||\\||\\
, What tasks would a bookkeeper do? - correct answers✔✔- ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
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 ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔- $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 answers✔✔- $373,000
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Maria Garcia owns a software consulting firm. At the beginning ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
of 2019, her firm had assets of $800,000 and liabilities of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Certificate exam with correct answers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What are the 5 Account Types? - correct answers✔✔- Assets
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Liabilities
||\\||\\
- Equity
||\\||\\
- Revenue
||\\||\\
- Expenses
||\\||\\
What is the accounting formula? - correct answers✔✔Assets =
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Liabilities + Equity + Revenue - Expenses ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What does DEA/LER stand for? - correct answers✔✔- Debit
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Expenses and Assets ||\\||\\ ||\\||\\
- Credit
||\\||\\
Liabilities
Equity
Revenue
,What are the 6 steps of the Accounting-Cycle? - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔- Collect and Analyze Transactions ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Record/Post transactions to the ledger
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Prepare and unadjusted trial balance
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Prepare adjusting entries at the end of the period
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Prepare an adjusted trial balance
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- Prepare financial statements
||\\||\\ ||\\||\\ ||\\||\\
What are the 4 Types of financial statements? - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔- The income statement ||\\||\\ ||\\||\\ ||\\||\\
- The balance sheet
||\\||\\ ||\\||\\ ||\\||\\
- The statement of equity
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
- The statement of cash flow
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What are the 4 types of accounting adjustments? - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔- Deferrals ||\\||\\
- Accruals
||\\||\\
- Missing Transactions
||\\||\\ ||\\||\\
- Tax Adjustments
||\\||\\ ||\\||\\
, What tasks would a bookkeeper do? - correct answers✔✔- ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
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 ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔- $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 answers✔✔- $373,000
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Maria Garcia owns a software consulting firm. At the beginning ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
of 2019, her firm had assets of $800,000 and liabilities of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
