Intuit Bookkeeping Exam
2025/2026
Exam Prep Material
with
Verified Questions and Answers
A+ Grades Guarantee
, Honesty, Objectivity, Confidentiality and Professionalism
Four Key Elements of
Bookkeeping Ethics
Dividends + Expenses + Assets = Liabilities + Owner's Equity
What is DEALER (beginning) + Revenue
Assets = Liabilities + Equity
What's is the accounting
Equation?
The Income Statement
Profit and Loss statement. Shows
the company's revenues and
expenses during a particular
period
The Balance Sheet
A financial statement that reports
a company's assets, liabilities,
and equity at a specific point in
time
The Statement of Equity
Reports the changes in company
equity, from the opening balance
to the end of the period balance.
Reports the sources and uses of The Statement of Cash Flow
cash by a business
1. Analyze and record transactions
2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
Accounting Cycle 5. Prepare adjusted trial balance
6. Prepare financial statements
If customers pays at the time of Sales Receipt
sale you must enter it as a
Invoice
If customers does not pay at the
time of sale you must enter it as a
Receive payment
Once and customer has paid an
invoice it goes to
Bank deposit
Receive payment and sales
receipt are followed by
Deferrals, Accruals, Missing Transactions, and Tax Adjustments
Step 4 of The Accounting Cycle:
Preparing adjusted entries
includes
Deferral
Removing transactions that
belong to a different period
2025/2026
Exam Prep Material
with
Verified Questions and Answers
A+ Grades Guarantee
, Honesty, Objectivity, Confidentiality and Professionalism
Four Key Elements of
Bookkeeping Ethics
Dividends + Expenses + Assets = Liabilities + Owner's Equity
What is DEALER (beginning) + Revenue
Assets = Liabilities + Equity
What's is the accounting
Equation?
The Income Statement
Profit and Loss statement. Shows
the company's revenues and
expenses during a particular
period
The Balance Sheet
A financial statement that reports
a company's assets, liabilities,
and equity at a specific point in
time
The Statement of Equity
Reports the changes in company
equity, from the opening balance
to the end of the period balance.
Reports the sources and uses of The Statement of Cash Flow
cash by a business
1. Analyze and record transactions
2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
Accounting Cycle 5. Prepare adjusted trial balance
6. Prepare financial statements
If customers pays at the time of Sales Receipt
sale you must enter it as a
Invoice
If customers does not pay at the
time of sale you must enter it as a
Receive payment
Once and customer has paid an
invoice it goes to
Bank deposit
Receive payment and sales
receipt are followed by
Deferrals, Accruals, Missing Transactions, and Tax Adjustments
Step 4 of The Accounting Cycle:
Preparing adjusted entries
includes
Deferral
Removing transactions that
belong to a different period
