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INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE EXAM PREP QUESTIONS
UPDATED 2025–2026 WITH ALL NEW
QUESTIONS AND EXACTLY RIGHT ANSWERS |
A+ QUALITY GUARANTEE
Which of the following best defines a credit as it's used in double- entry
accounting? --- - ANSWER: A decrease in
assets/expenses and an increase in liabilities/owner's equity and revenue.
Which of the following best defines a debit as it's used in double-entry accounting?
- ANSWER: An increase in assets/expenses and a decrease in liabilities/owner's
equity and revenue.
You purchased inventory from your vendor and paid cash. The accounts affected
are the inventory account and the cash account. In your journal entry, which
account would you debit? - ANSWER: Inventory account
An owner invests $1000 in the company. This transaction impacted the checking
account and the owner's equity account. In your journal entry, which account do
you credit? --- - ANSWER: Owner's equity account
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A sales manager purchases office supplies with the company credit card. This
transaction impacts the accounts payable and the office supplies accounts. In your
journal entry, which account do you credit?
- ANSWER: Accounts payable
The company pays off the credit card bill. This transaction impacts the accounts
payable and the cash accounts. In your journal entry, which account do you credit?
- ANSWER: Cash account
Debits are always represented on what side of a T-chart? --- - ANSWER: The
left.
Short-term Investments would be an example of what kind of account?
- ANSWER: An asset account.
Accounts payable would be an example of what kind of account? - ANSWER: A
liability account.
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Accounts receivable would be an example of what kind of account? - ANSWER:
An asset account.
True or False: Your client was paid in cash for a service that they provided.
They've asked you to leave it off their financial records. Since you are employed
by the client, you should do what they ask. --- - ANSWER: False
A schedule that contains all accounts needed to prepare financial statements is
known as: - ANSWER: The General Ledger
Reorganizing journal entries and grouping them by account is known as: -
ANSWER: Posting to the ledger
A listing of the names of the accounts that a company has identified and made
available for recording transactions in its general ledger is known as a: -
ANSWER: Chart of Accounts
INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE EXAM PREP QUESTIONS
UPDATED 2025–2026 WITH ALL NEW
QUESTIONS AND EXACTLY RIGHT ANSWERS |
A+ QUALITY GUARANTEE
Which of the following best defines a credit as it's used in double- entry
accounting? --- - ANSWER: A decrease in
assets/expenses and an increase in liabilities/owner's equity and revenue.
Which of the following best defines a debit as it's used in double-entry accounting?
- ANSWER: An increase in assets/expenses and a decrease in liabilities/owner's
equity and revenue.
You purchased inventory from your vendor and paid cash. The accounts affected
are the inventory account and the cash account. In your journal entry, which
account would you debit? - ANSWER: Inventory account
An owner invests $1000 in the company. This transaction impacted the checking
account and the owner's equity account. In your journal entry, which account do
you credit? --- - ANSWER: Owner's equity account
,2|Page
A sales manager purchases office supplies with the company credit card. This
transaction impacts the accounts payable and the office supplies accounts. In your
journal entry, which account do you credit?
- ANSWER: Accounts payable
The company pays off the credit card bill. This transaction impacts the accounts
payable and the cash accounts. In your journal entry, which account do you credit?
- ANSWER: Cash account
Debits are always represented on what side of a T-chart? --- - ANSWER: The
left.
Short-term Investments would be an example of what kind of account?
- ANSWER: An asset account.
Accounts payable would be an example of what kind of account? - ANSWER: A
liability account.
, 3|Page
Accounts receivable would be an example of what kind of account? - ANSWER:
An asset account.
True or False: Your client was paid in cash for a service that they provided.
They've asked you to leave it off their financial records. Since you are employed
by the client, you should do what they ask. --- - ANSWER: False
A schedule that contains all accounts needed to prepare financial statements is
known as: - ANSWER: The General Ledger
Reorganizing journal entries and grouping them by account is known as: -
ANSWER: Posting to the ledger
A listing of the names of the accounts that a company has identified and made
available for recording transactions in its general ledger is known as a: -
ANSWER: Chart of Accounts
