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INTUIT ACADEMY BOOKKEEPING CERTIFICATION
EXAM 2025 ACTUAL EXAM COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED
ANSWERS WITH RATIONALES (100% CORRECT
ANSWERS) /ALREADY GRADED A+/ LATEST EXAM!!!
Four Key Elements of Bookkeeping Ethics - Answer-
Honesty, Objectivity, Confidentiality and Professionalism
What is DEALER - Answer-Dividends + Expenses +
Assets = Liabilities + Owner's Equity (beginning) +
Revenue
What's is the accounting Equation? - Answer-Assets =
Liabilities + Equity
Profit and Loss statement. Shows the company's revenues
and expenses during a particular period - Answer-The
Income Statement
A financial statement that reports a company's assets,
liabilities, and equity at a specific point in time - Answer-
The Balance Sheet
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Reports the changes in company equity, from the opening
balance to the end of the period balance. - Answer-The
Statement of Equity
Reports the sources and uses of cash by a business -
Answer-The Statement of Cash Flow
Accounting Cycle - 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
If customers pays at the time of sale you must enter it as a
- Answer-Sales Receipt
If customers does not pay at the time of sale you must
enter it as a - Answer-Invoice
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Once and customer has paid an invoice it goes to -
Answer-Receive payment
Receive payment and sales receipt are followed by -
Answer-Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted
entries includes - Answer-Deferrals, Accruals, Missing
Transactions, and Tax Adjustments
Removing transactions that belong to a different period -
Answer-Deferral
Opposite of deferral. Concern future payments or
expenses - 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 - Answer-Economic Entity
Assumption
Only transactions that can be proven should be recorded
in accounting practices. And what this means is that
INTUIT ACADEMY BOOKKEEPING CERTIFICATION
EXAM 2025 ACTUAL EXAM COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED
ANSWERS WITH RATIONALES (100% CORRECT
ANSWERS) /ALREADY GRADED A+/ LATEST EXAM!!!
Four Key Elements of Bookkeeping Ethics - Answer-
Honesty, Objectivity, Confidentiality and Professionalism
What is DEALER - Answer-Dividends + Expenses +
Assets = Liabilities + Owner's Equity (beginning) +
Revenue
What's is the accounting Equation? - Answer-Assets =
Liabilities + Equity
Profit and Loss statement. Shows the company's revenues
and expenses during a particular period - Answer-The
Income Statement
A financial statement that reports a company's assets,
liabilities, and equity at a specific point in time - Answer-
The Balance Sheet
,2|Page
Reports the changes in company equity, from the opening
balance to the end of the period balance. - Answer-The
Statement of Equity
Reports the sources and uses of cash by a business -
Answer-The Statement of Cash Flow
Accounting Cycle - 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
If customers pays at the time of sale you must enter it as a
- Answer-Sales Receipt
If customers does not pay at the time of sale you must
enter it as a - Answer-Invoice
, 3|Page
Once and customer has paid an invoice it goes to -
Answer-Receive payment
Receive payment and sales receipt are followed by -
Answer-Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted
entries includes - Answer-Deferrals, Accruals, Missing
Transactions, and Tax Adjustments
Removing transactions that belong to a different period -
Answer-Deferral
Opposite of deferral. Concern future payments or
expenses - 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 - Answer-Economic Entity
Assumption
Only transactions that can be proven should be recorded
in accounting practices. And what this means is that
