INTUIT Certified Bookkeeping Professional

Front

You attempt to reconcile a company's bank accounts. There is a difference of $81.00 between the bank statements ending balance and the book balance. You cannot locate an $81.00 transaction. What should you do first?

Back

Look for transcription errors.

Front

You are a bookkeeper for a wholesale company that uses the FIFO inventory valuation method. The company makes the widget purchases shown in the chart. In June, the company sells 400 widgets at $200 per unit.

Back

$120 Per Unit

Front

Which Accounting Equation is correct? Options: Assets+Equity=Liabilities, Assets+Liabilities=Equity, Assets=Equity-Liabilities, Assets=Liabilities+Equity

Back

Assets =Liabilities+Equity

Front

Which of the following financial elements belongs on an Income Statement? Assets, Capital, Expenses, Liabilities

Back

Expenses

Front

Which of the following statements pertaining to inventory are TRUE?
Options:
Inventory is classified as a liability.
Purchasing inventory on account increases assets and increases liabilities.
Selling $100 of inventory to a customer on account for $150 increases assets and decreases equity.

Back

Purchasing inventory on account increases assets and increases liabilities.

Front

Increases in equity accounts are recorded as a _____________.

Back

Credit

Front

Revenue is recorded as a__________.

Back

Credit

Front

Income represents an increase or decrease in retained earnings.

Back

increase

Front

You need to reconcile a bank account. Look at the steps in the image & determine if they are listed correctly in accordance to the reconciliation process. Select TRUE or FALSE.

Back

True

Front

Identify the definition for the following term: NSF

Back

A bank charge against the account balance when a check bounces.