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Intuit Academy Bookkeeping Exam Questions And Detailed Answers 2025/2026

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Exam (elaborations)

Intuit Academy Bookkeeping Exam Questions And Detailed Answers 2025/2026

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8 pages

2025/2026

Institution Intuit Academy Bookkeeping Certification

Course Intuit Academy Bookkeeping Certification

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Intuit Academy Bookkeeping Exam Questions And Detailed Answers 2025/2026. dividends expenses assets what's is the accounting equation. AJfinancialJstatementJthatJreportsJaJcompany'sJassets,Jliabilities,JandJequityJatJaJspecificJpointJinJtim eJ-JCORRECTJANSWER-TheJBalanceJSheet ReportsJtheJchangesJinJcompanyJequity,JfromJtheJopeningJbalanceJtoJtheJendJofJtheJperiodJbalance. J-JCORRECTJANSWER-TheJStatementJofJEquity FourJKeyJElementsJofJBookkeepingJEthicsJJCORRECTJANSWERHonesty,JObjectivity,JConfidentialityJandJProfessionalism ReportsJtheJsourcesJandJusesJofJcashJbyJaJbusinessJ-JCORRECTJANSWERTheJStatementJofJCashJFlow AccountingJCycleJ-JCORRECTJANSWER-1.JAnalyzeJandJrecordJtransactions 2.JPostJtransactionsJtoJledger 3.JPrepareJanJunadjustedJtrialJbalance 4.JPrepareJadjustedJentriesJatJtheJendJofJtheJperiod

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Intuit Academy Bookkeeping Exam
Questions And Detailed Answers
2025/2026

WhatJisJDEALERJ-JCORRECTJANSWER-
DividendsJ+JExpensesJ+JAssetsJ=JLiabilitiesJ+JOwner'sJEquityJ(beginning)J+JRevenue

What'sJisJtheJaccountingJEquation?J-JCORRECTJANSWER-AssetsJ=JLiabilitiesJ+JEquity

ProfitJandJLossJstatement.JShowsJtheJcompany'sJrevenuesJandJexpensesJduringJaJparticularJperiodJ-
JCORRECTJANSWER-TheJIncomeJStatement

AJfinancialJstatementJthatJreportsJaJcompany'sJassets,Jliabilities,JandJequityJatJaJspecificJpointJinJtim
eJ-JCORRECTJANSWER-TheJBalanceJSheet

ReportsJtheJchangesJinJcompanyJequity,JfromJtheJopeningJbalanceJtoJtheJendJofJtheJperiodJbalance.
J-JCORRECTJANSWER-TheJStatementJofJEquity

FourJKeyJElementsJofJBookkeepingJEthicsJ-
JCORRECTJANSWERHonesty,JObjectivity,JConfidentialityJandJProfessionalism

ReportsJtheJsourcesJandJusesJofJcashJbyJaJbusinessJ-JCORRECTJANSWER-
TheJStatementJofJCashJFlow

AccountingJCycleJ-JCORRECTJANSWER-1.JAnalyzeJandJrecordJtransactions

2.JPostJtransactionsJtoJledger

3.JPrepareJanJunadjustedJtrialJbalance

4.JPrepareJadjustedJentriesJatJtheJendJofJtheJperiod

5.JPrepareJadjustedJtrialJbalance

6.JPrepareJfinancialJstatements

IfJcustomersJpaysJatJtheJtimeJofJsaleJyouJmustJenterJitJasJaJ-JCORRECTJANSWER-SalesJReceipt

, IfJcustomersJdoesJnotJpayJatJtheJtimeJofJsaleJyouJmustJenterJitJasJaJ-JCORRECTJANSWER-Invoice

OnceJandJcustomerJhasJpaidJanJinvoiceJitJgoesJtoJ-JCORRECTJANSWER-ReceiveJpayment

ReceiveJpaymentJandJsalesJreceiptJareJfollowedJbyJ-JCORRECTJANSWER-BankJdeposit

StepJ4JofJTheJAccountingJCycle:JPreparingJadjustedJentriesJincludesJ-JCORRECTJANSWER-
Deferrals,JAccruals,JMissingJTransactions,JandJTaxJAdjustments
AnJentryJtoJrecordJaJcurrentJpaymentJorJexpenseJatJa
laterJperiodJwhenJtheJmoneyJhasJactuallyJbeenJearnedJor
incurred.JDeferralJentriesJremoveJtransactionsJthatJbelongJtoJaJdifferentJtimeJperiod.JJCORRECTJA
NSWER-Deferral

AnJentryJtoJrecordJaJfutureJrevenueJorJexpenseJinJthe
currentJperiod,JevenJifJmoneyJhasn'tJbeenJpaidJor receivedJyet.J-JCORRECTJANSWER-
Accrual
OnlyJtransactionsJthatJcanJbeJprovenJshouldJbeJrecordedJinJaccountingJpractices.JAndJwhatJthisJme
ansJisJthatJbusinessesJmustJbeJableJtoJproveJtransactionsJthroughJsuchJthingsJasJreceipts,JbillingJstat
ements,Jinvoices,JandJbankJstatements.J-JCORRECTJANSWER-ReliabilityJAssumption

AllJinfoJthatJisJrelativeJtoJtheJbusinessJandJisJimportantJtoJaJlenderJorJinvestorJhasJtoJbeJdisclosedJinJf
inancialJstatementsJorJinJtheJnotesJofJtheJstatementsJ-JCORRECTJANSWER-
FullJDisclosureJPrinciple

WhenJchoosingJbetweenJtwoJsolutions,JtheJoneJthatJwillJbeJleastJlikelyJtoJoverstateJassetsJandJinco
meJshouldJbeJselected.J-JCORRECTJANSWER-ConservatismJAssumption

StatesJthatJanJamountJcanJbeJignoredJifJitsJeffectJonJtheJfinancialJstatementsJisJsmallJandJnotJmislea
dingJ-JCORRECTJANSWER-MaterialityJPrinciple

OnceJyouJadoptJanJaccountingJprincipleJorJmethod,JcontinueJtoJfollowJitJconsistentlyJinJfutureJacco
untingJperiodsJsoJthatJtheJresultsJreportedJfromJperiodJtoJperiodJareJcomparableJJCORRECTJANSW
ER-ConsistencyJPrinciple

TheJBusinessJisJaJseparateJentity,JsoJtheJactivitiesJofJaJbusinessJmustJbeJkeptJseparateJfromJanyJothe
rJfinancialJactivitiesJofJitsJbusinessJownersJ-JCORRECTJANSWER-EconomicJEntityJAssumption

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Uploaded on: October 7, 2025
Number of pages: 8
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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Intuit Academy Bookkeeping Exam Questions And Detailed Answers 2025/2026

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