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INTUIT CERTIFIED BOOKKEEPING
PROFESSIONAL EXAM OBJECTIVES
QUESTIONS WITH DETAILED VERIFIED
ANSWERS
Accounting Ans: The process of recording, classifying, and summarizing
financial transactions.
Ethical responsibilities of bookkeepers Ans: The obligation of
bookkeepers to maintain integrity, confidentiality, and objectivity in their
work.
Accounting equation Ans: The formula Assets = Liabilities + Equity that
represents the relationship between a company's resources and its
obligations.
Balance sheets Ans: Financial statements that summarize a company's
assets, liabilities, and equity at a specific point in time.
Statements of equity Ans: Financial statements that show changes in
equity from transactions with owners and other factors over a period.
Income statements Ans: Financial statements that report a company's
revenues and expenses over a specific period, resulting in net income or
loss.
Statements of cash flows Ans: Financial statements that provide
information about cash inflows and outflows over a period.
Double-entry accounting method Ans: An accounting system where
every transaction affects at least two accounts, maintaining the
accounting equation.
T-accounts Ans: Visual representations of individual accounts that show
debits on the left and credits on the right.
INTUIT CERTIFIED BOOKKEEPING
PROFESSIONAL EXAM OBJECTIVES
QUESTIONS WITH DETAILED VERIFIED
ANSWERS
Accounting Ans: The process of recording, classifying, and summarizing
financial transactions.
Ethical responsibilities of bookkeepers Ans: The obligation of
bookkeepers to maintain integrity, confidentiality, and objectivity in their
work.
Accounting equation Ans: The formula Assets = Liabilities + Equity that
represents the relationship between a company's resources and its
obligations.
Balance sheets Ans: Financial statements that summarize a company's
assets, liabilities, and equity at a specific point in time.
Statements of equity Ans: Financial statements that show changes in
equity from transactions with owners and other factors over a period.
Income statements Ans: Financial statements that report a company's
revenues and expenses over a specific period, resulting in net income or
loss.
Statements of cash flows Ans: Financial statements that provide
information about cash inflows and outflows over a period.
Double-entry accounting method Ans: An accounting system where
every transaction affects at least two accounts, maintaining the
accounting equation.
T-accounts Ans: Visual representations of individual accounts that show
debits on the left and credits on the right.
