Exam (elaborations)
Intuit Bookkeeping Professional Certificate 2024/25
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Intuit Bookkeeping Professional Certificate 2024/25
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Intuit Bookkeeping Professional Certificate 2024/25What are the 5 Account Types? - ANSWER - Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - ANSWER Assets =
Liabilities + Equity
What does DEA/LER stand for? - ANSWER - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
,What are the 5 steps of the Accounting-Cycle? - ANSWER
1. Identify transactions
2. record transactions
3. run reports
4. adjusting entries
5. close the books
What are the 4 Types of financial statements? - ANSWER
- 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? - ANSWER
- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
,What tasks would a bookkeeper do? - ANSWER - 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. - ANSWER - $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? - ANSWER
- $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. - ANSWER
- $539,000
The accounting equation can be defined as: - ANSWER -
Assets = Liability + Equity
What the company owns or controls and expects to gain value from is defined as: -
ANSWER - An Asset
What the company owes to others is defined as: - ANSWER
- Liabilities
The owner's stake in the company is defined as: - ANSWER
- Equity
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