PART 2 PRACTICE TEST FOR INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE QUESTIONS WITH correct answers

PART 2 PRACTICE TEST FOR INTUIT
BOOKKEEPING PROFESSIONAL
CERTIFICATE QUESTIONS WITH
CORRECT ANSWERS GRADED A+
FOR 2026 ASSURED EXCEL!!
whichvofvthevfollowingvarevconsideredvcurrentvassets?v-
vvCORRECTvANSWERSvcash.vAR.vinventory,vmarketablevsecurities.vPrepaidvexpenses.vEtc.




Assetsv-
vvCORRECTvANSWERSvresourcesvthatvbelongvtovavbusinessvandvhelpvitvearnveconomicvbenefitsvinvth


evfuture.vTheyvincludevcurrent,vcapital,vandvintangiblevassets



Currentvassetsv-
vvCORRECTvANSWERSvassetsvthatvcanvbevconvertedvintovcashvwithinvonevyear,vsuchvasvcash,vaccoun


tsvreceivable,vandvinventories



Long-termvassetsv-vvCORRECTvANSWERSvCapitalvassetsvthatvarevusedvforvcontinuingvorvlong-
termvoperations,vsuchvasvbuildings,vplantvandvequipment,vandvland



Intangiblevassetsv-
vvCORRECTvANSWERSvassetsvthatvhavevnovphysicalvform,vsuchvasvgoodwill,vpatents,vandvsoftware




whatvaccountsvhavevavnaturalvdebitvbalancev-
vvCORRECTvANSWERSvCash,vaccountsvreceivable,vinventory,vexpenses




You'revthevbookkeepervforvthevPamperedvPooch,vavsmallvmobilevdogvgroomingvbusiness.vThevbusi
nessvreceivedvav$1,000vloanvfromvtheirvlocalvcreditvunionvandvsignedvavpromissoryvnote.vHowvshou
ldvyouvrecordvthisvtransactionvinvthevaccountingvrecords?v-

, CORRECTvANSWERSvdebitvthevcashvaccountvbyv$1,000vandvcreditvthevnotesvpayablevaccountvbyv$
vv


1,000



Johnvownsvavsmallvretailvstorevthatvsellsvclothing.vOnvmonday,vhevsoldv$500vworthvofvmerchandisev
tovavcustomervwhovpaidvinvcash.vOnvTuesday,vhevsoldv$300vworthvofvmerchandisevtovavcustomervw
hovpaidvusingvavcreditvcard.vQuestion:vWhichvofvthevfollowingvstatementsvcorrectlyvdescribesvtheve
ffectvofvthesevsalesvtransactionsvonvthevaccountingvequationvforvJohn'svretailvstore?v-
vvCORRECTvANSWERSBothvsalesvincreasevassetsvandvowner'svequity




You'revthevBookkeepervforvBetweenvthevCoversvBooksellers,vavsmallvbookvresalevbusiness.vThevco
mpanyvusesvthevaccrualvaccountingvmethod.vYouvreceivevthevfollowingvsalesvtransactionvdetailv(No
te,vforvthisvquestionvwevarevnotvpostingvtransactionsvforvinventoryvtovCOGS):v

-
OnvJanuaryv1,vthevcompanyvsellsv250vbooksvforv$20veachvtovJohn,vwhovpaysvinvcash.vThevsalesvtaxvr
atevisv10%.v

-
OnvJanuaryv2,vthevcompanyvsellsv300vbooksvforv$15veachvtovMary,vwhovagreesvtovpayvwithinv30vday
s.vThevsalesvtaxvratevisv10%.vQuestion:vHowvshouldvthesevtransactionsvbevrecordedvinvthevaccounti
ngvrecords?v-
vvCORRECTvANSWERSDebitvCashv$5,500vandvAccountsvReceivablev$4,950,vCreditvSalesvRevenuev$5


,000vandv$4,500,vCreditvSalesvTaxvPayablev$500vandv$450



Whichvstatementsvarevtruevaboutvthevdifferencesvbetweenvnotesvreceivablevandvaccountsvreceiva
ble?v-vvCORRECTvANSWERSNotesvreceivablevarevinterest-
bearingvassets,vwhilevaccountsvreceivablevarevnon-interest-
bearingvassets.vNotesvreceivablevarevwrittenvpromisesvthatvanvoutsideventityvwillvpayvthevbusinessv
onvorvbeforevavspecifiedvdate,vwhilevaccountsvreceivablevarevinvoicesvwithvshortvtermvduevdates.vN
otesvreceivablevarevlong-termvassets,vwhilevaccountsvreceivablevarevcurrentvassets



BetweenvthevCoversvBooksellers,vsoldvavpalletvofvbooksvtovavlocalvlibraryvforv$100,000vonvaccount.v
Thevtermsvofvthevsalevwerev2/10,vn/60,vmeaningvthatvthevlibraryvcouldvgetvav2%vdiscountvifvitvpaidv
withinv10vdaysvorvpayvthevfullvamountvwithinv60vdays.vHowever,vthevlibraryvfailedvtovpayvwithinvthev
creditvperiod.vAfterv90vdaysvofvnonpayment,vthevbookshopvagreedvtovconvertvthevaccountvreceiva