Intuit Bookkeeping Professional Certificate
Questions And Correct Answers
What are the 5 Account Types?
- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula?
Assets = Liabilities + Equity + Revenue - Expenses
What does DEA/LER stand for?
- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
,What are the 6 steps of the Accounting-Cycle?
- 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?
- The income statement
- The balance sheet
- 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 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.
- $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?
- $373,000
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 and liabilities increased by $24,000 during 2020, use the accounting equation
to calculate equity at the end of 2020.
- $539,000
Questions And Correct Answers
What are the 5 Account Types?
- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula?
Assets = Liabilities + Equity + Revenue - Expenses
What does DEA/LER stand for?
- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
,What are the 6 steps of the Accounting-Cycle?
- 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?
- The income statement
- The balance sheet
- 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 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.
- $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?
- $373,000
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 and liabilities increased by $24,000 during 2020, use the accounting equation
to calculate equity at the end of 2020.
- $539,000
