Intuit Certified Bookkeeping Professional Final Exam With Correct Answers Version 2026/2027

Intuit Certified Bookkeeping Professional Final Exam
With Correct Answers Version 2026/2027
1. Which accounting principle states that a business should use the same accounting methods
from one period to the next?

 A) Full Disclosure Principle

 B) Consistency Principle

 C) Revenue Recognition Principle

 D) Business Entity Concept
CORRECT ANSWER: B) Consistency Principle

2. In QuickBooks Online, which of the following is a "Non-Posting" transaction?

 A) Invoice

 B) Purchase Order

 C) Bill

 D) Journal Entry
CORRECT ANSWER: B) Purchase Order

3. When a company writes off a specific customer's uncollectible account using the "Allowance
Method," what is the entry?

 A) Debit Bad Debt Expense; Credit Accounts Receivable

 B) Debit Allowance for Doubtful Accounts; Credit Accounts Receivable

 C) Debit Accounts Receivable; Credit Cash

 D) Debit Sales; Credit Accounts Receivable
CORRECT ANSWER: B) Allowance for Doubtful Accounts; Credit Accounts Receivable

4. Which financial statement is prepared first in the accounting cycle?

 A) Balance Sheet

 B) Profit and Loss (Income Statement)

 C) Statement of Cash Flows

 D) Statement of Retained Earnings
CORRECT ANSWER: B) Profit and Loss (Income Statement)

5. What is the effect on the accounting equation when a business purchases equipment using a
100% bank loan?

 A) Assets Increase; Equity Increases

 B) Assets Increase; Liabilities Increase

 C) Liabilities Increase; Equity Decreases

, D) No effect
CORRECT ANSWER: B) Assets Increase; Liabilities Increase

6. "FICA" tax consists of which two withholdings?

 A) Federal Income Tax and State Tax

 B) Social Security and Medicare

 C) FUTA and SUTA

 D) Sales Tax and Use Tax
CORRECT ANSWER: B) Social Security and Medicare

7. In QuickBooks Online, "Classes" are used to track:

 A) Items for sale

 B) Departments or product lines for a Profit and Loss report

 C) Individual employees' birthdays

 D) Bank account numbers
CORRECT ANSWER: B) Departments or product lines for a Profit and Loss report

8. Which type of account is "Unearned Revenue"?

 A) Revenue

 B) Current Asset

 C) Current Liability

 D) Contra-Asset
CORRECT ANSWER: C) Current Liability

9. The "Journal" is often referred to as the book of:

 A) Final Entry

 B) Original Entry

 C) Summarized Data

 D) Tax Exemption
CORRECT ANSWER: B) Book of Original Entry

10. What is the term for the value of an asset after all accumulated depreciation has been
subtracted?

 A) Market Value

 B) Net Book Value

 C) Liquidation Value

 D) Replacement Cost
CORRECT ANSWER: B) Net Book Value

, 11. Which QuickBooks Online feature allows you to see who deleted a transaction?

 A) Trial Balance

 B) Audit Log

 C) Chart of Accounts

 D) Bank Feed
CORRECT ANSWER: B) Audit Log

12. "Inventory Shrinkage" is usually caused by:

 A) High sales volume

 B) Theft, damage, or errors in counting

 C) Buying too much stock

 D) Increasing the sale price
CORRECT ANSWER: B) Theft, damage, or errors in counting

13. Which of the following is a "Contra-Asset" account?

 A) Accounts Payable

 B) Accumulated Depreciation

 C) Sales Returns and Allowances

 D) Treasury Stock
CORRECT ANSWER: B) Accumulated Depreciation

14. The "Revenue Recognition Principle" dictates that revenue should be recorded when:

 A) The contract is signed

 B) The cash is deposited in the bank

 C) The service is earned (performed) regardless of when cash is received

 D) The fiscal year ends
CORRECT ANSWER: C) The service is earned (performed) regardless of when cash is
received

15. What does the "Chart of Accounts" organize?

 A) Customer phone numbers

 B) All categories of assets, liabilities, equity, revenue, and expenses

 C) A list of all vendors

 D) The company's inventory prices
CORRECT ANSWER: B) All categories of assets, liabilities, equity, revenue, and expenses

16. Which form is used by a company to report annual Federal Unemployment Tax (FUTA)?

 A) Form 941