INTUIT ACADEMY BOOKKEEPING PROFESSIONAL
CERTIFICATE: BOOKKEEPING BASICS ACTUAL EXAM
PAPER 2026 QUESTIONS WITH ANSWERS GRADED A+
● The Accounting Principle. Answer: You can't mix business and personal assets or
expenses.
● Accounting Equation. Answer: Assets = Liabilities + Owner's Equity or Assets - Liabilities
= Owner's Equity
● Expanded Accounting Equation. Answer: Assets = Liabilities + Equity + Revenue -
Expenses - Dividends
● The Five Account Types. Answer: Assets, Liabilities, Equity, Revenue, Expenses
● Normal balance of the five account types. Answer: Assets- Normal Dr balance
Expenses- Normal Dr balance Dividends- Normal Dr balance Equity- Normal Cr balance
Revenue- Normal Cr balance
● General Journal. Answer: A list of transactions organized chronologically
● Posting to the Ledger. Answer: transfer transactions entered in the journal to the general
ledger and categorize transactions by account
● Accounting Cycle. Answer: a collective process of identifying, analyzing, and recording
the accounting events of a company
● Steps in the Accounting Cycle. Answer: 1. Collect, analyze, and post transactions to the
Journal 2. Post transactions to the ledger 3. Prepare an unadjusted trial balance 4. Prepare
adjusting entries at period end 5. Prepare an adjusted trial balance 6. Prepare financial
statements
● Accounting adjustments. Answer: A business transaction that has not yet been included
in the accounting records. I.E Deferrals, depreciation, and accruals
● income statement (profit and loss statement). Answer: A type of financial statement that
describes a firm's revenues and expenses and indicates whether the firm has earned a profit
or suffered a loss during a given period.
CERTIFICATE: BOOKKEEPING BASICS ACTUAL EXAM
PAPER 2026 QUESTIONS WITH ANSWERS GRADED A+
● The Accounting Principle. Answer: You can't mix business and personal assets or
expenses.
● Accounting Equation. Answer: Assets = Liabilities + Owner's Equity or Assets - Liabilities
= Owner's Equity
● Expanded Accounting Equation. Answer: Assets = Liabilities + Equity + Revenue -
Expenses - Dividends
● The Five Account Types. Answer: Assets, Liabilities, Equity, Revenue, Expenses
● Normal balance of the five account types. Answer: Assets- Normal Dr balance
Expenses- Normal Dr balance Dividends- Normal Dr balance Equity- Normal Cr balance
Revenue- Normal Cr balance
● General Journal. Answer: A list of transactions organized chronologically
● Posting to the Ledger. Answer: transfer transactions entered in the journal to the general
ledger and categorize transactions by account
● Accounting Cycle. Answer: a collective process of identifying, analyzing, and recording
the accounting events of a company
● Steps in the Accounting Cycle. Answer: 1. Collect, analyze, and post transactions to the
Journal 2. Post transactions to the ledger 3. Prepare an unadjusted trial balance 4. Prepare
adjusting entries at period end 5. Prepare an adjusted trial balance 6. Prepare financial
statements
● Accounting adjustments. Answer: A business transaction that has not yet been included
in the accounting records. I.E Deferrals, depreciation, and accruals
● income statement (profit and loss statement). Answer: A type of financial statement that
describes a firm's revenues and expenses and indicates whether the firm has earned a profit
or suffered a loss during a given period.
