INTUIT BOOKKEEPING EXAM 2026 UPDATE
QUESTIONS AND CORRECT VERIFIED ANSWERS
ALREADY GRADED A+ (BRAND NEW VISON)
Partnership - ANS-a business organization owned by two or more persons who agree on a
specific division of responsibilities and profits
LLC (Limited Liability Company) - ANS-Owned by 1 or more and not personably liable. Can be
paid by salary, guaranteed payments, or owners draw. Will show up on balance sheet or P&L
depending on filing
1 or more shareholders who aren't personable liable. Must have a board of directors and strict
rules for operating. Owners can be paid as an employee or from a distribution of dividends. Pay
will show up on the balance sheet if paid salary or on P&L is paid dividends. - ANS-C Corp
Owners who are heavily involved and are also employees and paid reasonable salaries. Pay will
show up on both the balance sheet and P&L - ANS-S Corp
One or more but no single person or group owns a nonprofit. A public organization governed by
a board of directors. No personal liability, A founder can become a staff employee or executive
director in order to get paid a reasonable salary. Paid out of wages and will show on the balance
sheet - ANS-Nonprofit Corporation
Internal Reports System - ANS-Gathers relevant information from within the organization's
own internal operations.
External Reports - ANS-reports or other output produced for use by people outside the
organization
, the borrower has pledged some asset as collateral. - ANS-Secured Loan
Net assets formula - ANS-Assets - Liabilities
The original records that prove that a specific transaction took place - ANS-Source Documents
Comparing account listed on source documents report to the total that is listed on the balance
sheet - ANS-Report Reconciliation Method
Reviewing all existing transactions or source documents to confirm they have actually occurred -
ANS-Transactional Reconcillations
Percent Change Formula - ANS-Percent Change =(Recent value year−Older value year)/Older
value year ×100
horizontal analysis (trend analysis) - ANS-a technique for evaluating a series of financial
statement data over a period of time
vertical analysis - ANS-reporting an amount on a financial statement as a percentage of
another item on the same financial statement
Net Income Equation - ANS-Revenues - Expenses
A measure of a company's profitability. Shows the percentage of revenue that exceeds COGS -
ANS-Gross Profit Margin
QUESTIONS AND CORRECT VERIFIED ANSWERS
ALREADY GRADED A+ (BRAND NEW VISON)
Partnership - ANS-a business organization owned by two or more persons who agree on a
specific division of responsibilities and profits
LLC (Limited Liability Company) - ANS-Owned by 1 or more and not personably liable. Can be
paid by salary, guaranteed payments, or owners draw. Will show up on balance sheet or P&L
depending on filing
1 or more shareholders who aren't personable liable. Must have a board of directors and strict
rules for operating. Owners can be paid as an employee or from a distribution of dividends. Pay
will show up on the balance sheet if paid salary or on P&L is paid dividends. - ANS-C Corp
Owners who are heavily involved and are also employees and paid reasonable salaries. Pay will
show up on both the balance sheet and P&L - ANS-S Corp
One or more but no single person or group owns a nonprofit. A public organization governed by
a board of directors. No personal liability, A founder can become a staff employee or executive
director in order to get paid a reasonable salary. Paid out of wages and will show on the balance
sheet - ANS-Nonprofit Corporation
Internal Reports System - ANS-Gathers relevant information from within the organization's
own internal operations.
External Reports - ANS-reports or other output produced for use by people outside the
organization
, the borrower has pledged some asset as collateral. - ANS-Secured Loan
Net assets formula - ANS-Assets - Liabilities
The original records that prove that a specific transaction took place - ANS-Source Documents
Comparing account listed on source documents report to the total that is listed on the balance
sheet - ANS-Report Reconciliation Method
Reviewing all existing transactions or source documents to confirm they have actually occurred -
ANS-Transactional Reconcillations
Percent Change Formula - ANS-Percent Change =(Recent value year−Older value year)/Older
value year ×100
horizontal analysis (trend analysis) - ANS-a technique for evaluating a series of financial
statement data over a period of time
vertical analysis - ANS-reporting an amount on a financial statement as a percentage of
another item on the same financial statement
Net Income Equation - ANS-Revenues - Expenses
A measure of a company's profitability. Shows the percentage of revenue that exceeds COGS -
ANS-Gross Profit Margin
