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Intuit Bookkeeping Professional Certificate Part 3 Knowledge Checks/Activities/Quizzes

HEAL100 Health Care — exam and revision material · Other

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Health Care exam material, 8 pages. Originally published on StudyMerit.

Pages
8
Academic year
2025/2026
Language
English

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Part 3 Knowledge Checks/Activities/Quizes for Intuit Bookkeeping Professional Certificate Students also studied Social Science Economics Finance Save Part 4 Knowledge Checks/Activities ... 109 terms HSorensen17 Preview Recording Payroll Pt.4 13 terms Isabel_Garica2 Preview Recording Current Liabilities 27 terms Isabel_Garica2 Preview QuickB 45 terms hme Secured loan A loan in which the borrower has pledged some asset as collateral Which of the following describes a commercial loan? Debt-based funding arrangement between a business and a financial institution Your client, a construction business, purchased a new work vehicle for $58,000. The business put $6,000 down and financed the rest. The accounts affected are cash, vehicles, and notes payable - vehicles. How would you record this in the transaction journal? Debit $58,000 vehicle Credit $6,000 cash Credit $52,000 Your client is the owner of a small specialty clothing boutique. They are in the process of relocating from their current leased location to a new location that they are purchasing and making a permanent home for the business. Your client visited a local bank and applied for a mortgage loan. The bank carefully evaluated their creditworthiness and financial situation, and ultimately approved the loan application. The loan details are as follows: Loan amount: $200,000. Loan term: 30 years. Interest rate: 4.5% per annum. Monthly payments: Fixed Question: In your client's books, which account is debited for the initial loan disbursement? Building (asset)

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Your client is the owner of a small specialty clothing boutique. They are in the process of relocating from their current leased location to a new location that they are purchasing and making a permanent home for the business. Your client visited a local bank and applied for a mortgage loan. The bank carefully evaluated their creditworthiness and financial situation, and ultimately approved the loan application. The loan details are as follows: Loan amount: $200,000. Loan term: 30 years. Interest rate: 4.5% per annum. Monthly payments: Fixed Question: With the loan accepted and the journal entry recorded, you notify your client that balances in the accounting equation will change. (Remember the accounting equation is: Assets = Liabilities + Equity.) What are the changes? Assets increase, liabilities increase On the balance sheet, a note payable portion due over 5 years will appear as a(n) Long-term liability Jasmine is a small business owner who needs additional funds to expand her operations. She approaches a local bank for a loan to finance her business growth. The bank approves her loan application without requiring any collateral or asset as security. What type of loan did Jasmine most likely receive? Unsecured loan Baxter owns a bagel shop and is looking to expand its operations and requires additional funding. They approach a financial institution for a loan. The lender asks for collateral to secure the loan. Baxter pledges the newly purchased shop machinery as collateral. What type of loan is the business applying for? Secured loan Your client secured a short-term loan of $5,000. What would be the correct way to record the initial transaction in the general journal? Debit cash $5,000 and credit loans payable $5,000 The percentage of the existing principal loan balance that the borrower must pay the lender for borrowing the money is referred to as the: interest rate Loan amortization schedule The multi-column chart listing each payment required during the loan period is called a On the balance sheet, if your client splits their loan into long-term liabilities and current liabilities, which of the following would be the value that would be placed in the current liability section? The total amount due on the loan over the next twelve months

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What does a bookkeeper record when allocating loan payments? Both the principal and interest portions of the payment Where does SUTA appear on a paystub? It does not appear because it's paid only by the employer Which of the following is an example of an amount of money that would be withheld due to wage garnishment? Credit card debt calculate the correct FICA withholding and net wages for the pay period. (FICA is calculated as 7.65% of the employees gross wages ($1,600) FICA $122.40 net wages $1477.60 A salesperson at a cosmetics store makes a 5% commission on every sale they make in the month of January, but their commission isn't paid until February. If the business is accrual based, when will the commission be recorded on the books? January The cosmetics store also employs a full time hourly employee and is accrual based. The pay period ends on April 20th, and the employee doesn't get paid until May 3rd. In which month should this expense be recorded? April A different client practices cash-basis accounting. Mark, an employee, gets paid weekly. His June 30th paycheck represents the work performed June 19th to June 23th. His July 7th paycheck represents the work performed June 26th to June 30th. When will the payment for work done from June 26th to June 30th be recorded? July What type of worker is considered "self-employed" and will not have taxes deducted by the employer? Independent contractor At what point would an exempt employee be eligible for overtime pay? They are not eligible for overtime pay Dara owns a consulting company. She has 14 salaried employees and 43 hourly employees. Some are exempt and some are non-exempt depending on their role. Cassie was just hired as an independent contractor to run the business's social media account. Question: Should Dara give Cassie the same tax forms that she gave her other staff when they were hired? No. Cassie should fill out a W-9, and the other staff should have filled out W-4s when hired W-4 tax form, Called Employee's Withholding Certificate. completed at hire. ensures that taxes are being withheld at a rate that the employee chooses. protects both the employee and employer W-2 tax form, reports an employee's annual wages and amount of taxes withheld. responsible for issuing this form to employees no later than January 31 each year and submitting copies to the IRS

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