Intuit Bookkeeping Actual Questions & Answers

INTUIT BOOKKEEPING ACTUAL QUESTIONS &
ANSWERS


1. What is bookkeeping?

A. Preparing tax returns
B. Managing employee payroll
C. Recording daily financial transactions
D. Auditing financial statements

Correct Answer: C. Recording daily financial transactions



2. Which document shows a business’s financial position at a specific point in
time?

A. Income Statement
B. Cash Flow Statement
C. Balance Sheet
D. General Ledger

Correct Answer: C. Balance Sheet



3. Which account type normally has a debit balance?

A. Revenue
B. Liability
C. Equity
D. Expense

Correct Answer: D. Expense



4. What does the double-entry bookkeeping system require?

A. One account per transaction
B. Each transaction affects two or more accounts
C. Only cash transactions recorded
D. Monthly adjustments only

Correct Answer: B. Each transaction affects two or more accounts

, 5. Which account increases with a credit?

A. Asset
B. Expense
C. Revenue
D. Cash

Correct Answer: C. Revenue



6. What is accounts receivable?

A. Money the business owes suppliers
B. Money customers owe the business
C. Cash paid to employees
D. Business owner’s investment

Correct Answer: B. Money customers owe the business



7. Which financial statement shows business profitability?

A. Balance Sheet
B. Cash Flow Statement
C. Income Statement
D. Trial Balance

Correct Answer: C. Income Statement



8. What is a chart of accounts?

A. A list of customers
B. A summary of tax rules
C. A list of all accounts used by a business
D. A payroll report

Correct Answer: C. A list of all accounts used by a business



9. Which transaction increases cash and increases revenue?