Intuit Bookkeeping Exam / Comprehensive
Study Guide – Expert Strategies, Review of
Key Quizzes, and Practice Questions for
Guaranteed Success / Newest 2025/2026
This Intuit Bookkeeping Exam validates skills in fundamental accounting
and using QuickBooks, covering assets, liabilities, equity, sales,
purchases, reconciliation, and financial statements , designed to certify
professionals for roles like QuickBooks Live bookkeepers, with a rigorous
format that includes unique "yes/no" multiple-choice questions for each
option, testing practical application of accounting principles within the
Intuit ecosystem.
Quiz_________________?
What is the Purpose of a balance sheet -
Answer☑️
To determine the financial health of an organization at a point in
time.
Quiz_________________?
Financial elements on the income statement: -
Answer☑️
Expenses, Revenue
Quiz_________________?
Financial elements on the balance sheet: -
Answer☑️
Assets, Capital, and Liabilities
1
, Quiz_________________?
Accounts that increase with debit -
Answer☑️
Cash, equipment, assets, expenses, and dividends
Quiz_________________?
Accounts that increase with credit -
Answer☑️
Contra-Asset : Accumulated Depreciation, Account Payable,
common stock, equity, revenue and liability
Quiz_________________?
Lou has a landscaping company. He received a $10,000 payment
for a landscaping job that he completed for the Rose family. How
would you record this transaction? -
Answer☑️
Debit $10,000 to Cash; Credit $10,000 to Service Revenue -
Landscaping
Quiz_________________?
Definition of a debit in double-entry accounting -
Answer☑️
An increase in assets/expenses and a decrease in
liabilities/owner's equity and revenue.
Quiz_________________?
General Ledger -
Answer☑️
2
, The debits and credits posted to the company's line of credit
during the last 6 months
Quiz_________________?
Transaction Journal -
Answer☑️
The debits and credits recorded for a rental equipment expense
Quiz_________________?
income statement (profit and loss statement) -
Answer☑️
Report of all revenue and expenses for the month
Quiz_________________?
Is the ending balance for the inventory on Balance Sheet? -
Answer☑️
Yes, Ending balance for the inventory
Quiz_________________?
Reasons for making adjusting journal entries (Choose 3) -
Answer☑️
a. To record expiration of prepaid insurance. b. To record
depreciation. c. To recognize unpaid salaries for the current
period.
Quiz_________________?
Economic Entity Assumption -
Answer☑️
3
, The business is a separate entity, so the activities of a business
must be kept separate from any other financial activities of its
business owners.
Quiz_________________?
Reliability Assumption -
Answer☑️
Makes mandatory for companies to record only accounting
transactions that can be verified through invoices, billing
statements and bank statements.
Quiz_________________?
Full Disclosure Principle -
Answer☑️
All information that is relative to the business and is important to a
lender or investor has to be provided in financial statements or in
the notes of the statements.
Quiz_________________?
Conservatism Assumption -
Answer☑️
When bookkeepers are uncertain and need to determine how to
report an item, this guides them to choose the option that shows
less income or asset benefit.
Quiz_________________?
Going Concern Assumption -
Answer☑️
Refers to a business that is now stable enough to operate and
meet its obligations for the foreseeable future.
4
Study Guide – Expert Strategies, Review of
Key Quizzes, and Practice Questions for
Guaranteed Success / Newest 2025/2026
This Intuit Bookkeeping Exam validates skills in fundamental accounting
and using QuickBooks, covering assets, liabilities, equity, sales,
purchases, reconciliation, and financial statements , designed to certify
professionals for roles like QuickBooks Live bookkeepers, with a rigorous
format that includes unique "yes/no" multiple-choice questions for each
option, testing practical application of accounting principles within the
Intuit ecosystem.
Quiz_________________?
What is the Purpose of a balance sheet -
Answer☑️
To determine the financial health of an organization at a point in
time.
Quiz_________________?
Financial elements on the income statement: -
Answer☑️
Expenses, Revenue
Quiz_________________?
Financial elements on the balance sheet: -
Answer☑️
Assets, Capital, and Liabilities
1
, Quiz_________________?
Accounts that increase with debit -
Answer☑️
Cash, equipment, assets, expenses, and dividends
Quiz_________________?
Accounts that increase with credit -
Answer☑️
Contra-Asset : Accumulated Depreciation, Account Payable,
common stock, equity, revenue and liability
Quiz_________________?
Lou has a landscaping company. He received a $10,000 payment
for a landscaping job that he completed for the Rose family. How
would you record this transaction? -
Answer☑️
Debit $10,000 to Cash; Credit $10,000 to Service Revenue -
Landscaping
Quiz_________________?
Definition of a debit in double-entry accounting -
Answer☑️
An increase in assets/expenses and a decrease in
liabilities/owner's equity and revenue.
Quiz_________________?
General Ledger -
Answer☑️
2
, The debits and credits posted to the company's line of credit
during the last 6 months
Quiz_________________?
Transaction Journal -
Answer☑️
The debits and credits recorded for a rental equipment expense
Quiz_________________?
income statement (profit and loss statement) -
Answer☑️
Report of all revenue and expenses for the month
Quiz_________________?
Is the ending balance for the inventory on Balance Sheet? -
Answer☑️
Yes, Ending balance for the inventory
Quiz_________________?
Reasons for making adjusting journal entries (Choose 3) -
Answer☑️
a. To record expiration of prepaid insurance. b. To record
depreciation. c. To recognize unpaid salaries for the current
period.
Quiz_________________?
Economic Entity Assumption -
Answer☑️
3
, The business is a separate entity, so the activities of a business
must be kept separate from any other financial activities of its
business owners.
Quiz_________________?
Reliability Assumption -
Answer☑️
Makes mandatory for companies to record only accounting
transactions that can be verified through invoices, billing
statements and bank statements.
Quiz_________________?
Full Disclosure Principle -
Answer☑️
All information that is relative to the business and is important to a
lender or investor has to be provided in financial statements or in
the notes of the statements.
Quiz_________________?
Conservatism Assumption -
Answer☑️
When bookkeepers are uncertain and need to determine how to
report an item, this guides them to choose the option that shows
less income or asset benefit.
Quiz_________________?
Going Concern Assumption -
Answer☑️
Refers to a business that is now stable enough to operate and
meet its obligations for the foreseeable future.
4
