Intuit Bookkeeping Exam Questions and Correct Answers 2026
1. Four Key Elements of Bookkeeping Ethics ANSWER Honesty, Objectivity, Confidentiality and
Profession- alism
2. What is DEALER ANSWER Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) +
Revenue
3. What's is the accounting Equation? ANSWER Assets = Liabilities + Equity
4. Profit and Loss statement. Shows the company's revenues and expenses
during a particular period ANSWER The Income Statement
5. A financial statement that reports a company's assets, liabilities, and equity
at a specific point in time ANSWER The Balance Sheet
6. Reports the changes in company equity, from the opening balance to the end
of the period balance. ANSWER The Statement of Equity
7. Reports the sources and uses of cash by a business ANSWER The Statement of Cash
Flow
8. 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
9. If customers pays at the time of sale you must enter it as a ANSWER Sales
Receipt
10. If customers does not pay at the time of sale you must enter it as a ANSWE
Invoice
11. Once and customer has paid an invoice it goes to ANSWER Receive payment
12. Receive payment and sales receipt are followed by ANSWER Bank deposit
13. Step 4 of The Accounting Cycle ANSWER Preparing adjusted entries includes
ANSWER Deferrals, Accruals, Missing Transactions, and Tax Adjustments
14. Removing transactions that belong to a different period ANSWER Deferral
15. Opposite of deferral. Concern future payments or expenses ANSWER
Accruals
16. 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
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, Intuit Bookkeeping Exam Questions and Correct Answers 2026
17. 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 receipts, billing statements, invoices, and
bank statements. ANSWER Reliability Assumption
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1. Four Key Elements of Bookkeeping Ethics ANSWER Honesty, Objectivity, Confidentiality and
Profession- alism
2. What is DEALER ANSWER Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) +
Revenue
3. What's is the accounting Equation? ANSWER Assets = Liabilities + Equity
4. Profit and Loss statement. Shows the company's revenues and expenses
during a particular period ANSWER The Income Statement
5. A financial statement that reports a company's assets, liabilities, and equity
at a specific point in time ANSWER The Balance Sheet
6. Reports the changes in company equity, from the opening balance to the end
of the period balance. ANSWER The Statement of Equity
7. Reports the sources and uses of cash by a business ANSWER The Statement of Cash
Flow
8. 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
9. If customers pays at the time of sale you must enter it as a ANSWER Sales
Receipt
10. If customers does not pay at the time of sale you must enter it as a ANSWE
Invoice
11. Once and customer has paid an invoice it goes to ANSWER Receive payment
12. Receive payment and sales receipt are followed by ANSWER Bank deposit
13. Step 4 of The Accounting Cycle ANSWER Preparing adjusted entries includes
ANSWER Deferrals, Accruals, Missing Transactions, and Tax Adjustments
14. Removing transactions that belong to a different period ANSWER Deferral
15. Opposite of deferral. Concern future payments or expenses ANSWER
Accruals
16. 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
1/
11
, Intuit Bookkeeping Exam Questions and Correct Answers 2026
17. 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 receipts, billing statements, invoices, and
bank statements. ANSWER Reliability Assumption
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11
