INTUIT ACADEMY BOOKKEEPING
CERTIFICATION EXAM ACTUAL
EXAM COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100%
CORRECT ANSWER S) /ALREADY
GRADED A+
Question 1: What are the 5 Account Types?
CORRECT ANSWER : - Assets - Liabilities - Equity -
Revenue - Expenses
Question 2: What is the accounting formula?
CORRECT ANSWER : Assets = Liabilities + Equity +
Revenue - Expenses
Question 3: What does DEA/LER stand for?
CORRECT ANSWER : - Debit Expenses and Assets - Credit
Liabilities Equity Revenue
Question 4: What are the 6 steps of the Accounting-Cycle?
CORRECT ANSWER : - 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
Question 5: What are the 4 Types of financial statements?
CORRECT ANSWER : - The income statement - The
balance sheet - The statement of equity - The statement of cash flow
Question 6: What are the 4 types of accounting adjustments?
CORRECT ANSWER : - Deferrals - Accruals - Missing
Transactions - Tax Adjustments
Question 7: What tasks would a bookkeeper do?
CORRECT ANSWER : - Handle bank feeds and reconciles
bank accounts, managing accounts receivable/payable, and record financial transactions
Question 8: 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 ANSWER : - $520,000
Question 9: 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 ANSWER : - $373,000
Question 10: 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.
CORRECT ANSWER : - $539,000
Question 11: The accounting equation can be defined as:
CORRECT ANSWER : - Assets = Liability + Equity
Question 12: What the company owns or controls and expects
to gain value from is defined as:
CORRECT ANSWER : - An Asset
Question 13: What the company owes to others is defined as:
CORRECT ANSWER : - Liabilities
Question 14: The owner's stake in the company is defined as:
CORRECT ANSWER : - Equity
Question 15: A way of bookkeeping that tracks which
accounts increase and which decrease for a given transaction