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INTUIT BOOKKEEPING EXAM 1 QUESTIONS
UPDATED 2025–2026 WITH ALL NEW QUESTIONS
AND EXACTLY RIGHT ANSWERS | A+ QUALITY
GUARANTEE
What is the role of a bookkeeper?
Ans: The position involves the process of tracking and recording the financial transaction
of a business.
As a bookkeeper, you must show what 4 ethical ideas?
Ans: -Honesty
-Objectivity
-Confidentiality
-Professionalism
Can you define Accounts Payable?
Ans: Money a business OWES to others for goods or services.
Can you define Accounts Receivable?
Ans: Money that is OWED to a business for providing a good or service.
What are 5 major responsibilities of a bookkeeper?
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Ans: -Record financial transactions
-Reconcile bank accounts
-Manage accounts receivable and accounts payable
-Work with tax preparers and assist with tax compliance
What does recording financial transactions mean?
Ans: Involves systematically documenting financial events in a business's accounting system.
What does Reconcile Bank Accounts mean?
Ans: Requires comparing and matching transactions in a
business's accounting records with those in the bank statement to ensure accuracy and to
identify any discrepancies.
What does Managing accounts receivable and accounts payable mean?
Ans: entails efficiently tracking and handling the money owed to the business by
customers and the money owed by the
business to suppliers and creditors.
Your client's account's receivable is &6,750. What does that mean?
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Ans: Your client is OWED %6,750 for services or goods they
provided.
What is the Accounting Equation?
Ans: Assets = Liabilities + Owner's equity
What are assests?
Ans: Anything the business OWNS of value or a resource of value that has the potential
to be transformed into cash.
What are LIABILITIES?
Ans: What the business OWES to others.
What is OWNER'S EQUITY?
Ans: Owner's stake in the business, how much they have invested, or withdrawn.
What is considered the Foundation of the Balance Sheet?
Ans: The Accounting Equation. A = L + OE
What are some examples of Assests?
INTUIT BOOKKEEPING EXAM 1 QUESTIONS
UPDATED 2025–2026 WITH ALL NEW QUESTIONS
AND EXACTLY RIGHT ANSWERS | A+ QUALITY
GUARANTEE
What is the role of a bookkeeper?
Ans: The position involves the process of tracking and recording the financial transaction
of a business.
As a bookkeeper, you must show what 4 ethical ideas?
Ans: -Honesty
-Objectivity
-Confidentiality
-Professionalism
Can you define Accounts Payable?
Ans: Money a business OWES to others for goods or services.
Can you define Accounts Receivable?
Ans: Money that is OWED to a business for providing a good or service.
What are 5 major responsibilities of a bookkeeper?
,2|Page
Ans: -Record financial transactions
-Reconcile bank accounts
-Manage accounts receivable and accounts payable
-Work with tax preparers and assist with tax compliance
What does recording financial transactions mean?
Ans: Involves systematically documenting financial events in a business's accounting system.
What does Reconcile Bank Accounts mean?
Ans: Requires comparing and matching transactions in a
business's accounting records with those in the bank statement to ensure accuracy and to
identify any discrepancies.
What does Managing accounts receivable and accounts payable mean?
Ans: entails efficiently tracking and handling the money owed to the business by
customers and the money owed by the
business to suppliers and creditors.
Your client's account's receivable is &6,750. What does that mean?
, 3|Page
Ans: Your client is OWED %6,750 for services or goods they
provided.
What is the Accounting Equation?
Ans: Assets = Liabilities + Owner's equity
What are assests?
Ans: Anything the business OWNS of value or a resource of value that has the potential
to be transformed into cash.
What are LIABILITIES?
Ans: What the business OWES to others.
What is OWNER'S EQUITY?
Ans: Owner's stake in the business, how much they have invested, or withdrawn.
What is considered the Foundation of the Balance Sheet?
Ans: The Accounting Equation. A = L + OE
What are some examples of Assests?
