Intuit Bookkeeping Professional Certificate 20252026 Study Guide: Co

Intuit Bookkeeping Professional Certificate 2025-2026 Study Guide: Complete Content Review, Practice Exercises & Proven Strategies to Earn Your Credential with Confidence What 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 transactions2. 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