Intuit Bookkeeping Professional Certificate
Questions with verified detailed answers
guaranteed pass latest update 2025
Which of the following best defines a credit as it's used in double-
entry accounting? --- correct precise answers ---- 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 precise answers ---- 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 precise
answers ---- 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 precise answers ---- O
wner'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 precise answers ---- 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 precise answers ---- Cash account
Debits are always represented on what side of a T-chart? --- correct
precise answers ---- The left.
Short-term Investments would be an example of what kind of account?
--- correct precise answers ---- An asset account.
Accounts payable would be an example of what kind of account? ---
correct precise answers ---- A liability account.
Accounts receivable would be an example of what kind of account? ---
correct precise answers ---- An asset account.
, True or False: Your client was paid in cash for a service that they
provided. They've asked you to leave it off their financial records.
Since you are employed by the client, you should do what they ask. ---
correct precise answers ---- False
A schedule that contains all accounts needed to prepare financial
statements is known as: --- correct precise answers ---- The General
Ledger
Reorganizing journal entries and grouping them by account is known
as: --- correct precise answers ---- Posting to the ledger
A listing of the names of the accounts that a company has identified
and made available for recording transactions in its general ledger is
known as a: --- correct precise answers ---- Chart of Accounts
To find the balance of the account types that increase with a debit
(asset and expense accounts), bookkeepers will: --- correct precise
answers ---- Subtract total credits from total debits (Debits - Credits)
The accounting cycle starts with the: --- correct precise answers ----
Analysis of business transactions
Questions with verified detailed answers
guaranteed pass latest update 2025
Which of the following best defines a credit as it's used in double-
entry accounting? --- correct precise answers ---- 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 precise answers ---- 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 precise
answers ---- 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 precise answers ---- O
wner'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 precise answers ---- 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 precise answers ---- Cash account
Debits are always represented on what side of a T-chart? --- correct
precise answers ---- The left.
Short-term Investments would be an example of what kind of account?
--- correct precise answers ---- An asset account.
Accounts payable would be an example of what kind of account? ---
correct precise answers ---- A liability account.
Accounts receivable would be an example of what kind of account? ---
correct precise answers ---- An asset account.
, True or False: Your client was paid in cash for a service that they
provided. They've asked you to leave it off their financial records.
Since you are employed by the client, you should do what they ask. ---
correct precise answers ---- False
A schedule that contains all accounts needed to prepare financial
statements is known as: --- correct precise answers ---- The General
Ledger
Reorganizing journal entries and grouping them by account is known
as: --- correct precise answers ---- Posting to the ledger
A listing of the names of the accounts that a company has identified
and made available for recording transactions in its general ledger is
known as a: --- correct precise answers ---- Chart of Accounts
To find the balance of the account types that increase with a debit
(asset and expense accounts), bookkeepers will: --- correct precise
answers ---- Subtract total credits from total debits (Debits - Credits)
The accounting cycle starts with the: --- correct precise answers ----
Analysis of business transactions
