Page | 1
INTUIT BOOKKEEPING 2026
QUESTIONS AND ANSWERS | A+
GRADED | WITH EXPERT SOLUTIONS
Four Key Elements of Bookkeeping Ethics - correct answer -
Honesty, Objectivity, Confidentiality and Professionalism
What is DEALER - correct answer -Dividends + Expenses +
Assets = Liabilities + Owner's Equity (beginning) + Revenue
What's is the accounting Equation? - correct answer -Assets =
Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and
expenses during a particular period - correct answer -The Income
Statement
A financial statement that reports a company's assets, liabilities,
and equity at a specific point in time - correct 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. - correct answer -The
Statement of Equity
Reports the sources and uses of cash by a business - correct
answer -The Statement of Cash Flow
Accounting Cycle - correct 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 -
correct answer -Sales Receipt
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If customers does not pay at the time of sale you must enter it as
a - correct answer -Invoice
Once and customer has paid an invoice it goes to - correct
answer -Receive payment
Receive payment and sales receipt are followed by - correct
answer -Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries
includes - correct answer -Deferrals, Accruals, Missing
Transactions, and Tax Adjustments
Removing transactions that belong to a different period - correct
answer -Deferral
Opposite of deferral. Concern future payments or expenses -
correct answer -Accruals
INTUIT BOOKKEEPING 2026
QUESTIONS AND ANSWERS | A+
GRADED | WITH EXPERT SOLUTIONS
Four Key Elements of Bookkeeping Ethics - correct answer -
Honesty, Objectivity, Confidentiality and Professionalism
What is DEALER - correct answer -Dividends + Expenses +
Assets = Liabilities + Owner's Equity (beginning) + Revenue
What's is the accounting Equation? - correct answer -Assets =
Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and
expenses during a particular period - correct answer -The Income
Statement
A financial statement that reports a company's assets, liabilities,
and equity at a specific point in time - correct answer -The
Balance Sheet
, Page | 2
Reports the changes in company equity, from the opening
balance to the end of the period balance. - correct answer -The
Statement of Equity
Reports the sources and uses of cash by a business - correct
answer -The Statement of Cash Flow
Accounting Cycle - correct 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 -
correct answer -Sales Receipt
, Page | 3
If customers does not pay at the time of sale you must enter it as
a - correct answer -Invoice
Once and customer has paid an invoice it goes to - correct
answer -Receive payment
Receive payment and sales receipt are followed by - correct
answer -Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries
includes - correct answer -Deferrals, Accruals, Missing
Transactions, and Tax Adjustments
Removing transactions that belong to a different period - correct
answer -Deferral
Opposite of deferral. Concern future payments or expenses -
correct answer -Accruals
