INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM
LATEST 2026 UPDATED QUESTIONS AND VERIFIED 100%
SOLUTIONS (2026/2027) GRADE: A+|STATUS: GUARANTEED
PASS
What is a journal entry? - Answers -a way to document an accounting entry
lists debits & credits & includes a description of the transaction
Which of the following statements would best describe the Matching Principle? - Answers --
Expenses like manufacturing costs or depreciation should be recognized in the same period as
the revenue it helped generate
What is the general ledger purpose = contents - Answers -means for keeping records of a
company's total financial accounts
assets, liabilities, equity, expenses, income or revenue (typically)
5 Bookkeeping Ethics - Answers -1. objectivity
2. competence
3. integrity
4. confidentiality
5. professional conduct
1|Page
,What is a liablity? - Answers -Other's claims
What is equity? - Answers -Your claims
Statement of Cash Flows - Answers -A financial statement that provides financial information
about the cash receipts and cash payments of a business for a specific period of time.
1. operating activities
2. investment activities
3. financing activities
Statement of Equity - Answers -Financial statement showing the beginning balance, additions to
and deductions from, and the ending balance of the shareholders' equity account, for a
specified period. Also called statement of shareholders equity.
double-entry accounting - Answers -The recording of debit and credit parts of a transaction
Deferred Expense - Answers -An asset created when a business makes advance payments of
future expenses.
2|Page
, accrued expenses - Answers -expenses incurred but not yet paid in cash or recorded
Deferred Revenue - Answers -A liability created when a business collects cash from customers in
advance of completing a service or delivering a product.
Accrued Revenues - Answers -revenues for services performed but not yet received in cash or
recorded
Accrual assumption - Answers -Transactions are recorded using the accrual basis of accounting,
where the recognition of revenues and expenses arises when earned or used, respectively. If
this assumption is not true, a business should instead use the cash basis of accounting
Conservatism Assumption - Answers -When bookkeepers or accountants are uncertain and
need to determine how to report an item, conservatism guides them to choose the option that
shows less income or asset benefit. Potential losses can be recorded while potential gains
cannot
Consistency assumption - Answers -The same method of accounting will be used from period to
period, unless it can be replaced by a more relevant method.
Economic Entity Assumption - Answers -An assumption that every economic entity can be
separately identified and accounted for.
3|Page
LATEST 2026 UPDATED QUESTIONS AND VERIFIED 100%
SOLUTIONS (2026/2027) GRADE: A+|STATUS: GUARANTEED
PASS
What is a journal entry? - Answers -a way to document an accounting entry
lists debits & credits & includes a description of the transaction
Which of the following statements would best describe the Matching Principle? - Answers --
Expenses like manufacturing costs or depreciation should be recognized in the same period as
the revenue it helped generate
What is the general ledger purpose = contents - Answers -means for keeping records of a
company's total financial accounts
assets, liabilities, equity, expenses, income or revenue (typically)
5 Bookkeeping Ethics - Answers -1. objectivity
2. competence
3. integrity
4. confidentiality
5. professional conduct
1|Page
,What is a liablity? - Answers -Other's claims
What is equity? - Answers -Your claims
Statement of Cash Flows - Answers -A financial statement that provides financial information
about the cash receipts and cash payments of a business for a specific period of time.
1. operating activities
2. investment activities
3. financing activities
Statement of Equity - Answers -Financial statement showing the beginning balance, additions to
and deductions from, and the ending balance of the shareholders' equity account, for a
specified period. Also called statement of shareholders equity.
double-entry accounting - Answers -The recording of debit and credit parts of a transaction
Deferred Expense - Answers -An asset created when a business makes advance payments of
future expenses.
2|Page
, accrued expenses - Answers -expenses incurred but not yet paid in cash or recorded
Deferred Revenue - Answers -A liability created when a business collects cash from customers in
advance of completing a service or delivering a product.
Accrued Revenues - Answers -revenues for services performed but not yet received in cash or
recorded
Accrual assumption - Answers -Transactions are recorded using the accrual basis of accounting,
where the recognition of revenues and expenses arises when earned or used, respectively. If
this assumption is not true, a business should instead use the cash basis of accounting
Conservatism Assumption - Answers -When bookkeepers or accountants are uncertain and
need to determine how to report an item, conservatism guides them to choose the option that
shows less income or asset benefit. Potential losses can be recorded while potential gains
cannot
Consistency assumption - Answers -The same method of accounting will be used from period to
period, unless it can be replaced by a more relevant method.
Economic Entity Assumption - Answers -An assumption that every economic entity can be
separately identified and accounted for.
3|Page
