Intuit Bookkeeping Professional Certificate Latest Update 2024-2025 350+ Questions and 100% Verified Correct Answers Guaranteed A+ A Balance Sheet has four parts: a heading, assets, liabilities, and ______. - CORRECT
ANSWER: - equity
A business owner performs a service and is paid when the job is performed. The owner would then enter this transaction into accounting software as: - CORRECT ANSWER: - A Sales Receipt
A business owner performs a service but is not paid when the job is performed. Using
their accounting software, the owner would enter the transaction as: - CORRECT
ANSWER: - An Invoice
A company is considered a Going Concern when it: - CORRECT ANSWER: - Is stable, able to operate and able to meet its financial obligations.
A customer paid in advance for a service. They need to cancel the service. If the business owner wishes to apply that money towards the customer's next service, the
owner would enter that transaction into their accounting software as: - CORRECT
ANSWER: - A Credit Memo
A form or statement that lists the titles and balances of all ledger accounts at a given date is known as: - CORRECT ANSWER: - Trial balance
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 ANSWER: - Chart of Accounts
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
A schedule that contains all accounts needed to prepare financial statements is known as: - CORRECT ANSWER: - The General Ledger
A seasonal business like Lou's Landscaping can have decreased cash during off- season months. Which financial statement would show the cash inflows and outflows for
a particular month? - CORRECT ANSWER: - Cash Flow Statement
A trial balance that is prepared after taking into account all the adjusting entries is known as: - CORRECT ANSWER: - Adjusted Trial Balance
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A trial balance where total debits equal total credits indicates: - CORRECT ANSWER: - The ledger is in balance.
A way of bookkeeping that tracks which accounts increase and which decrease for a given transaction is known as: - CORRECT ANSWER: - Double-entry Accounting
According to the Revenue Recognition Principle, when should a business recognize its
revenue? - CORRECT ANSWER: - When it is earned
Accounts payable would be an example of what kind of account? - CORRECT
ANSWER: - A liability account.
Accounts receivable would be an example of what kind of account? - CORRECT
ANSWER: - An asset account.
After analysis, the business transaction is recorded in the journal in: - CORRECT
ANSWER: - Chronological order
After the Unadjusted Trial Balance is created, the process of going back and updating information is known as: - CORRECT ANSWER: - Making adjustments
An accounting method in which revenues are reported when they are earned and expenses are reported when they are incurred is called: - CORRECT ANSWER: - Accrual Accounting
An owner brought in a piece of equipment for servicing and paid for the repair with a check. The owner would then enter the transaction into their accounting software as: -
CORRECT ANSWER: - A Vendor Check
An owner has deposited several payments they've received from customers into the business's bank account. The owner would then enter this transaction in their accounting software as: - CORRECT ANSWER: - A Bank Deposit
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
Becky provided a service to a customer, and they have yet to pay. Which type of journal
entry would need to be made? - CORRECT ANSWER: - An Accrual
Caren Cosmos is the world's most popular soft rock folk singer. She sold t-shirts online last year and made $7,000. The money from these sales went directly into her personal banking account which she used for her personal needs. Which key accounting
assumption did Caren ignore? - CORRECT ANSWER: - Entity Assumption
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Cecilia Tubular sells 1980s themed enamel pins. She has a huge inventory she purchased in 1984 at $0.10 each. They are now worth $1 each. According to the Monetary Unit Assumption, you: - CORRECT ANSWER: - Keep the value of the pins at $0.10 each.
Debits are always represented on what side of a T-chart? - CORRECT ANSWER: - The left.
Francis enters a $100 check received from a customer into QuickBooks online. If she views the Transaction Journal, which account would show as being debited $100? -
CORRECT ANSWER: - Business bank account
If a business is using the Consistency Principle they will: - CORRECT ANSWER: - Adopt a specific accounting method and will enter all similar items in the exact same way in the future.
In the first month of operations, Pepper Consulting's total debit entries to the cash account amounted to $900, and the total credit entries to the cash account amounted to $600. The cash account has a: - CORRECT ANSWER: - $300 debit balance
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
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
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
Pepper Consulting bought computers with credit from PYO Suppliers and entered the purchase into QuickBooks. The transaction journal for Pepper Consulting would show the following entry: - CORRECT ANSWER: - Debit: Computers
- Credit: PYO Credit Payable
Printing Pros had another big job to do in April and needed to hire additional help to make their deadline. The new employee received their first paycheck at the beginning of May.
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