Page 1 of 17
INTUIT BOOKKEEPING EXAM NEWEST 2026
ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALL
ANSWERED {105 Q & A} ALREADY GRADED A+ |
BRAND NEW! | 100% GUARANTEED PASS
What is DEALER - ✔✔✔ Correct Answer > Dividends + Expenses +
Assets = Liabilities + Owner's Equity (beginning) + Revenue
Accounting Cycle - ✔✔✔ Correct Answer > 1. Analyze and record
transactions
2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
What's is the accounting Equation? - ✔✔✔ Correct Answer > Assets =
Liabilities + Equity
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Profit and Loss statement. Shows the company's revenues and
expenses during a particular period - ✔✔✔ Correct Answer > The
Income Statement
A financial statement that reports a company's assets, liabilities,
and equity at a specific point in time - ✔✔✔ Correct Answer > The
Balance Sheet
Reports the changes in company equity, from the opening
balance to the end of the period balance. - ✔✔✔ Correct Answer > The
Statement of Equity
Reports the sources and uses of cash by a business - ✔✔✔ Correct
Answer > The Statement of Cash Flow
If customers pays at the time of sale you must enter it as a - ✔✔✔
Correct Answer > Sales Receipt
If customers does not pay at the time of sale you must enter it as
a - ✔✔✔ Correct Answer > Invoice
Once and customer has paid an invoice it goes to - ✔✔✔ Correct
Answer > Receive payment
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Four Key Elements of Bookkeeping Ethics - ✔✔✔ Correct Answer >
Honesty, Objectivity, Confidentiality and Professionalism
Receive payment and sales receipt are followed by - ✔✔✔ Correct
Answer > Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries
includes - ✔✔✔ Correct Answer > Deferrals, Accruals, Missing
Transactions, and Tax Adjustments
Removing transactions that belong to a different period - ✔✔✔
Correct Answer > Deferral
Opposite of deferral. Concern future payments or expenses - ✔✔✔
Correct Answer > Accruals
The Business is a separate entity, so the activities of a business
must be kept separate from any other financial activities of its
business owners - ✔✔✔ Correct Answer > Economic Entity Assumption
Only transactions that can be proven should be recorded in
accounting practices. And what this means is that businesses
must be able to prove transactions through such things as
INTUIT BOOKKEEPING EXAM NEWEST 2026
ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALL
ANSWERED {105 Q & A} ALREADY GRADED A+ |
BRAND NEW! | 100% GUARANTEED PASS
What is DEALER - ✔✔✔ Correct Answer > Dividends + Expenses +
Assets = Liabilities + Owner's Equity (beginning) + Revenue
Accounting Cycle - ✔✔✔ Correct Answer > 1. Analyze and record
transactions
2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
What's is the accounting Equation? - ✔✔✔ Correct Answer > Assets =
Liabilities + Equity
,Page 2 of 17
Profit and Loss statement. Shows the company's revenues and
expenses during a particular period - ✔✔✔ Correct Answer > The
Income Statement
A financial statement that reports a company's assets, liabilities,
and equity at a specific point in time - ✔✔✔ Correct Answer > The
Balance Sheet
Reports the changes in company equity, from the opening
balance to the end of the period balance. - ✔✔✔ Correct Answer > The
Statement of Equity
Reports the sources and uses of cash by a business - ✔✔✔ Correct
Answer > The Statement of Cash Flow
If customers pays at the time of sale you must enter it as a - ✔✔✔
Correct Answer > Sales Receipt
If customers does not pay at the time of sale you must enter it as
a - ✔✔✔ Correct Answer > Invoice
Once and customer has paid an invoice it goes to - ✔✔✔ Correct
Answer > Receive payment
, Page 3 of 17
Four Key Elements of Bookkeeping Ethics - ✔✔✔ Correct Answer >
Honesty, Objectivity, Confidentiality and Professionalism
Receive payment and sales receipt are followed by - ✔✔✔ Correct
Answer > Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries
includes - ✔✔✔ Correct Answer > Deferrals, Accruals, Missing
Transactions, and Tax Adjustments
Removing transactions that belong to a different period - ✔✔✔
Correct Answer > Deferral
Opposite of deferral. Concern future payments or expenses - ✔✔✔
Correct Answer > Accruals
The Business is a separate entity, so the activities of a business
must be kept separate from any other financial activities of its
business owners - ✔✔✔ Correct Answer > Economic Entity Assumption
Only transactions that can be proven should be recorded in
accounting practices. And what this means is that businesses
must be able to prove transactions through such things as
