INTUIT BOOKKEEPING EXAM LATEST 2026 UPDATED
QUESTIONS AND VERIFIED 100% SOLUTIONS (2026/2027)
GRADE: A+|STATUS: GUARANTEED PASS
An inventory system that continuously update the inventory account - Answers -Perpetual
An inventory system that updates the inventory account only at specified intervals - Answers -
Periodic
Inventory Cost Flows - Answers -FIFO, LIFO, and Average Cost
First-In, First-Out (FIFO) - Answers -Method to assign cost to inventory that assumes items are
sold in the order acquired; earliest items purchased are the first sold.
Last in, First out (LIFO) - Answers -Method to assign cost to inventory that assumes costs for the
most recent items purchased are sold first and charged to cost of goods sold.
Average Cost - Answers -All items in the inventory are priced at their average cost
Closing Inventory - Answers -Closing Inventory=Cost of Goods Available- COGS
1|Page
, COGS equation - Answers -BI(Beginning Inventory) + COGP (Cost of Goods Purchased) - EI
(Ending Inventory) = COGS
Fixing Journals Entries - Answers -Reverse journal entry or reproduce financial statements
Details the error and corrections you made to the income statement and balance sheet -
Answers -Disclosure
PP&E (Plants, Property, and Equipment), Trademarks, and long-term investments - Answers -
Non-Current Assets
The same amount of depreciation expense is recorded each accounting period, during an asset's
servicing life - Answers -Straight-Line Depreciation
The asset is used more earlier in its life so you would depreciate more in year 2 than year 4 -
Answers -Accelerated Depreciation
Table that shows the depreciation amount over the span of he asset's life - Answers -
Depreciation Schedule
2|Page
QUESTIONS AND VERIFIED 100% SOLUTIONS (2026/2027)
GRADE: A+|STATUS: GUARANTEED PASS
An inventory system that continuously update the inventory account - Answers -Perpetual
An inventory system that updates the inventory account only at specified intervals - Answers -
Periodic
Inventory Cost Flows - Answers -FIFO, LIFO, and Average Cost
First-In, First-Out (FIFO) - Answers -Method to assign cost to inventory that assumes items are
sold in the order acquired; earliest items purchased are the first sold.
Last in, First out (LIFO) - Answers -Method to assign cost to inventory that assumes costs for the
most recent items purchased are sold first and charged to cost of goods sold.
Average Cost - Answers -All items in the inventory are priced at their average cost
Closing Inventory - Answers -Closing Inventory=Cost of Goods Available- COGS
1|Page
, COGS equation - Answers -BI(Beginning Inventory) + COGP (Cost of Goods Purchased) - EI
(Ending Inventory) = COGS
Fixing Journals Entries - Answers -Reverse journal entry or reproduce financial statements
Details the error and corrections you made to the income statement and balance sheet -
Answers -Disclosure
PP&E (Plants, Property, and Equipment), Trademarks, and long-term investments - Answers -
Non-Current Assets
The same amount of depreciation expense is recorded each accounting period, during an asset's
servicing life - Answers -Straight-Line Depreciation
The asset is used more earlier in its life so you would depreciate more in year 2 than year 4 -
Answers -Accelerated Depreciation
Table that shows the depreciation amount over the span of he asset's life - Answers -
Depreciation Schedule
2|Page
