Intuit Academy Bookkeeping
Professional Certificate Practice
Questions & Quizzes (Parts 1–4)
Prepare for the Intuit Bookkeeping Professional Certificate with comprehensive practice
tests, knowledge checks, quizzes, and study resources covering Bookkeeping Basics,
Liabilities and Equity, and key bookkeeping concepts. Strengthen your understanding of
accounting principles and boost your confidence for certificate assessments.
,Intuit Bookkeeping Professional Certificate
1. Accounting Fundamentals
● 5 Account Types:
○ Assets
○ Liabilities
○ Equity
○ Revenue
○ Expenses
● Accounting Equation:
○ Assets = Liabilities + Equity
● Expanded formula:
○ Assets = Liabilities + Equity + Revenue − Expenses
2. Debit and Credit Rules (DEA/LER)
● Debit: Expenses, Assets
● Credit: Liabilities, Equity, Revenue
3. Accounting Cycle
1. Analyze transactions
2. Journalize transactions
3. Post to ledger
4. Prepare unadjusted trial balance
5. Make adjusting entries
6. Prepare adjusted trial balance
7. Prepare financial statements
8. Close the books
4. Financial Statements
● Income Statement
● Balance Sheet
● Statement of Equity
● Statement of Cash Flows
5. Double-Entry Accounting
, ● Every transaction affects at least two accounts.
● Total debits must equal total credits.
6. General Ledger Concepts
● Chart of Accounts
● Posting entries
● Trial Balance
● Adjusted Trial Balance
7. QuickBooks Transactions
● Sales Receipt
● Invoice
● Bank Deposit
● Vendor Check
● Credit Memo
8. Adjusting Entries
● Deferrals
● Accruals
● Missing transactions
● Tax adjustments
9. Accounting Assumptions and Principles
● Entity Assumption
● Periodicity Assumption
● Monetary Unit Assumption
● Going Concern Assumption
● Consistency Principle
● Revenue Recognition Principle
● Matching Principle
● Conservatism Principle
● Materiality Principle
● Full Disclosure Principle
● Reliability Principle
10. Accrual Accounting
● Revenue recognized when earned.
● Expenses recognized when incurred.
, High-Yield Exam Facts
Topic Key Point
DEA/LER Debit = Expenses & Assets; Credit = Liabilities, Equity,
Revenue
Balance Sheet Assets, Liabilities, Equity
Income Statement Revenue and Expenses
Cash Flow Cash inflows and outflows
Statement
Trial Balance Tests equality of debits and credits
Invoice Service performed but not yet paid
Sales Receipt Service performed and paid immediately
Credit Memo Apply customer credit to future services
Revenue Record revenue when earned
Recognition
Matching Principle Match expenses with related revenue
Going Concern Business expected to continue operating
Entity Assumption Separate business and personal finances
Practice Questions Based on the
Uploaded File
1. Which accounts normally carry debit balances?
Answer: Assets and Expenses
2. What financial statement shows assets, liabilities, and equity?
Answer: Balance Sheet
Professional Certificate Practice
Questions & Quizzes (Parts 1–4)
Prepare for the Intuit Bookkeeping Professional Certificate with comprehensive practice
tests, knowledge checks, quizzes, and study resources covering Bookkeeping Basics,
Liabilities and Equity, and key bookkeeping concepts. Strengthen your understanding of
accounting principles and boost your confidence for certificate assessments.
,Intuit Bookkeeping Professional Certificate
1. Accounting Fundamentals
● 5 Account Types:
○ Assets
○ Liabilities
○ Equity
○ Revenue
○ Expenses
● Accounting Equation:
○ Assets = Liabilities + Equity
● Expanded formula:
○ Assets = Liabilities + Equity + Revenue − Expenses
2. Debit and Credit Rules (DEA/LER)
● Debit: Expenses, Assets
● Credit: Liabilities, Equity, Revenue
3. Accounting Cycle
1. Analyze transactions
2. Journalize transactions
3. Post to ledger
4. Prepare unadjusted trial balance
5. Make adjusting entries
6. Prepare adjusted trial balance
7. Prepare financial statements
8. Close the books
4. Financial Statements
● Income Statement
● Balance Sheet
● Statement of Equity
● Statement of Cash Flows
5. Double-Entry Accounting
, ● Every transaction affects at least two accounts.
● Total debits must equal total credits.
6. General Ledger Concepts
● Chart of Accounts
● Posting entries
● Trial Balance
● Adjusted Trial Balance
7. QuickBooks Transactions
● Sales Receipt
● Invoice
● Bank Deposit
● Vendor Check
● Credit Memo
8. Adjusting Entries
● Deferrals
● Accruals
● Missing transactions
● Tax adjustments
9. Accounting Assumptions and Principles
● Entity Assumption
● Periodicity Assumption
● Monetary Unit Assumption
● Going Concern Assumption
● Consistency Principle
● Revenue Recognition Principle
● Matching Principle
● Conservatism Principle
● Materiality Principle
● Full Disclosure Principle
● Reliability Principle
10. Accrual Accounting
● Revenue recognized when earned.
● Expenses recognized when incurred.
, High-Yield Exam Facts
Topic Key Point
DEA/LER Debit = Expenses & Assets; Credit = Liabilities, Equity,
Revenue
Balance Sheet Assets, Liabilities, Equity
Income Statement Revenue and Expenses
Cash Flow Cash inflows and outflows
Statement
Trial Balance Tests equality of debits and credits
Invoice Service performed but not yet paid
Sales Receipt Service performed and paid immediately
Credit Memo Apply customer credit to future services
Revenue Record revenue when earned
Recognition
Matching Principle Match expenses with related revenue
Going Concern Business expected to continue operating
Entity Assumption Separate business and personal finances
Practice Questions Based on the
Uploaded File
1. Which accounts normally carry debit balances?
Answer: Assets and Expenses
2. What financial statement shows assets, liabilities, and equity?
Answer: Balance Sheet
