Intuit Bookkeeping Professional Certificate
(Latest Update ) Questions &
Answers {Grade A} 100% Correct
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.
You purchased inventory from your vendor and paid cash. The accounts affected are
the inventory account and the cash account. In your journal entry, which account would
you debit? - correct answer - Inventory account
An owner invests $1000 in the company. This transaction impacted the checking
account and the owner's equity account. In your journal entry, which account do you
credit? - correct answer - Owner's equity account
, A sales manager purchases office supplies with the company credit card. This
transaction impacts the accounts payable and the office supplies accounts. In your
journal entry, which account do you credit? - correct answer - Accounts payable
The company pays off the credit card bill. This transaction impacts the accounts
payable and the cash accounts. In your journal entry, which account do you credit? -
correct answer - Cash account
Debits are always represented on what side of a T-chart? - correct answer - The left.
Short-term Investments would be an example of what kind of account? - correct
answer - An asset account.
(Latest Update ) Questions &
Answers {Grade A} 100% Correct
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.
You purchased inventory from your vendor and paid cash. The accounts affected are
the inventory account and the cash account. In your journal entry, which account would
you debit? - correct answer - Inventory account
An owner invests $1000 in the company. This transaction impacted the checking
account and the owner's equity account. In your journal entry, which account do you
credit? - correct answer - Owner's equity account
, A sales manager purchases office supplies with the company credit card. This
transaction impacts the accounts payable and the office supplies accounts. In your
journal entry, which account do you credit? - correct answer - Accounts payable
The company pays off the credit card bill. This transaction impacts the accounts
payable and the cash accounts. In your journal entry, which account do you credit? -
correct answer - Cash account
Debits are always represented on what side of a T-chart? - correct answer - The left.
Short-term Investments would be an example of what kind of account? - correct
answer - An asset account.
