PART 3 PRACTICE TEST FOR INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE QUESTIONS WITH CORRECT ANSWERS

PART 3 PRACTICE TEST FOR INTUIT
BOOKKEEPING PROFESSIONAL
CERTIFICATE QUESTIONS WITH
CORRECT ANSWERS GRADED A+
FOR 2026 ASSURED EXCEL!!
Whichgofgthegfollowinggstatementsgbestgdescribesgthegdifferencegbetweengassetsgandgliabilitiesg-
ggCORRECTgANSWERSgassetsgaregwhatgagcompanygown,gandgliabilitiesgaregwhatgagcompanygowes




Whatgtypegofgliabilitygisgmortgagegpayable?g-ggCORRECTgANSWERSgnon-currentgliability



Whichgofgthegfollowinggaregconsideredgnon-currentgliabilities?g-
ggCORRECTgANSWERSgmonthlygleasegpaymentgongag10-


yearglease,gemployeegpension,gandgbondswithgagmaturitygdategofg5gyears.



StellargConsultantsginc.gisgagservicegcompanygthatgprovidesgconsultinggandgtraininggtogclients.gOngJ
uneg30,gStellargConsultants,gInc.ghadgthegfollowinggbalancesgingitsgliabilitygaccounts:

Accountsgpayable:g$30,000

Loansgpayable:g$48,000

Taxesgpayable:g$10,000

Deferredgrevenue:g$12,000

OngJulyg1,gStellargConsultants,gInc.gpaysg$5,000gtogonegofgitsgsuppliersgandg$2,000gtogthegbankgasgp
artgofgthegloangrepayment.

Question:gWhatgisgthegtotalgamountgofgliabilitiesgthatgStellargConsultants,gInc.gshouldgreportgongitsg
balancegsheetgasgofgJulyg1?g-ggCORRECTgANSWERS$93,000



PowergToolg&gDie,gInc.gisgagmanufacturinggcompanygthatgneedsgtogpurchasegagpiecegofgnewgequip
mentgforg$50,000.gIngJune,gthegcompanygobtainsgag5-

, yeargloangfromgtheglocalgcreditguniongwithganginterestgrategofg6%gpergannum,gcompoundedgmonthl
y.gThegloangrequiresgequalgmonthlygpaymentsgofg$966.64,gstartinggfromgthegendgofgthegfirstgmonth
.gThegcompanygrecordsgthegloangusinggthegamortizationgmethod.

Question:gWhatgisgthegjournalgentrygthatgPowergToolg&gDiegInc.gshouldgmakegatgthegendgofgthegfirstg
monthgtogrecordgthegloangpayment?g-
ggCORRECTgANSWERSgDebitgInterestgExpenseg$246.58,gDebitgNotesgPayableg$720.06,gCreditgCashg$


966.64



Selmagownsgagbeautygsalongandgbuysgvariousgproductsgandgsuppliesgfromgdifferentgvendors.gShegr
ecordsghergpurchasesginghergaccountinggsystemgusinggeithergcashgorgaccountsgpayable,gdependingg
ongthegpaymentgterms.

Question:gWhichgofgthegfollowinggstatementsgisgtruegaboutghergpurchases?g-
ggCORRECTgANSWERSgAccountsgpayablegpurchasesgaregrecordedgasgcreditsgtogaccountsgpayablegan


dgdebitsgtogexpensesgorgassets



Johangrunsgagsmallgwoodworkinggbusinessgandgsellsghisgproductsgtogcustomersgongcredit.gHegalsogb
uysgwood,gpaint,gvarnish,gandgothergsuppliesgfromgvariousgsuppliersgongcredit.gAtgthegendgofgthegm
onth,ghegrecordsghisgtransactionsginghisgaccountinggsystem.

Question:gWhichgofgthegfollowinggtransactionsgwillgincreaseghisgliabilities?g-
ggCORRECTgANSWERSgHegbuysg$800gworthgofgwoodgfromgagnewgsuppliergongcredit




Matchgeachgliabilitygtransactiongwithgitsgeffectgongthegaccountinggequation:

borrowinggmoneygfromgagbankg-ggCORRECTgANSWERSgincreasegassets,gincreasegliabilities



Matchgeachgliabilitygtransactiongwithgitsgeffectgongthegaccountinggequation:g

Payingginterestgongagloang-ggCORRECTgANSWERSgdecreasegassets,gdecreasegequity



Matchgeachgliabilitygtransactiongwithgitsgeffectgongthegaccountinggequation:g

Issuinggsharesgofgcommongstockg-ggCORRECTgANSWERSincreasesgassets,gincreasesgequity