Bookkeeping Class By Intuit

BOOKKEEPING CLASS BY INTUIT, QUESTIONS WITH
100% VERIFIED ANSWERS 2026 UPDATE


BookkeepersBtypically...B-BCORRECTBANSWER-
RecordBfinancialBtransactions,BreconcileBbankBaccounts,BmanageBaccountsBreceivable,BmanageBac
countsBpayable,BworkBwithBtaxBpreparersBandBassistBwithBtaxBcompliance,BandBgenerateBfinancialBs
tatements.

AsBaBbookkeeperBwhatBwouldBHonestyBmean?B-BCORRECTBANSWER-
ReportingBfinancialBdataBaccordinglyBandBtimley,BowningBupBtoBandBtryingBtiBfixBanyBmistakes,BandB
beingBopenBandBtransparentBwithBclientsBaboutBtheirBbusiness.

AsBaBbookkeeperBwhatBwouldBObjectivityBmean?B-BCORRECTBANSWER-
NotBtakingBanyBjobs/BclientsBthatBcouldBposeBconflictBofBinterest,BnotBallowingBoutsideBpartiesBtoBin
fluenceBfindings,BnotBlettingBpersonalBbiasBgetBinBtheBwayBofByourBperformance.

AsBaBbookkeeperBwhatBwouldBConfidentialityBmean?B-BCORRECTBANSWER-
NotBdiscussingBbusinessBdetailsBoutsideBofBtheBjobBandBNEVERBusingBinsideBinformationBforBperson
alBgain.

AsBaBbookkeeperBwhatBwouldBProfesionalismBmean?B-BCORRECTBANSWER-
BeingBconsiderateBofBclientsBneeds/Btime,BavoidingBpersonal/profesionalBactivitiesBthatBcouldBbrin
gBshameBtoBprofession/business,BmaintainingBproperBcredentials,BandBkeepingBskillsBthroughBconti
nuingBeducation.

WhatBisBtheBAccountingBEquationB-BCORRECTBANSWER-Assets=Liability+Equity

WhatBareBsomeBexamplesBofBaBLiability?B-BCORRECTBANSWER-Morgage,(moneyBowedBtoBaBlender)

CreditBCard(s)-B(moneyBborrowedBfromBbankBwithBexpectationBofBpayingBitBback)

PayrollBorBsalesBtaxBowedBtoBaBgovernment-
(mostBbusinessBwillBoweBoneBorBmoreBtypesBofBtaxesBtoBfederal,Bstate,BorBlocalBgovernments)

WhatBareBsomeBexamplesBofBanBAsset?B-BCORRECTBANSWER-AccountsBReceivable-
(moneyBowedBtoBtheBbusinessBbyBcustomers)

InvestmentsBinBotherBcompanies-(BpotentiallyBsellBforBcash)

, WhatBareBsomeBexamplesBofBEquity?B-BCORRECTBANSWER-
MoneyBinvestedBintoBtheBcompanyBbyBoneBorBmoreBowners

Double-EntryBAccountingB-BCORRECTBANSWER-
ABcommonBwayBtoBrecordBtransactionsBrecordsBwhichBaccountsBincreaseBandBdecrease.BRecordedB
inBdebitBandBcreditBcolumns.B(TotalsBHAVEBtoBbeBbalanced)

WhatBsideBcanBdebitsBandBcreditsBbeBfoundBon?B-BCORRECTBANSWER-DebitsBareBonBtheBleft

CreditsBareBonBtheBright

HowBdoByouBknowBifBsomethingBisBaBDebitBorBaBCredit?B-BCORRECTBANSWER-
AskByourself,BWhatBkindBofBaccountBareBweBlookingBat?BandBIsBtheBbalanceBincreasingBorBdecreasin
g?

WhatBareBtheB5BaccountBtypes?B-BCORRECTBANSWER-Assets

Liability

Equity

Revenue

Expenses

WhatBisBtheBexpandedBAccountingBEquation?B-BCORRECTBANSWER-
{Assets=Liabilities+Equity}+[Revenues-Expences]

{BalanceBSheet}B[IncomeBstatement]

{Assets+Expenses}=[Liabilities+Equity+Revenue]

HowBdoBDebitsBandBCreditsBworkBinBanBASSETSBAccount?B-BCORRECTBANSWER-
DebitsBareBanBincreaseBandBCreditsBareBaBdecrease

HowBdoBDebitsBandBCreditsBworkBinBaBLIABILITIESBAcount?B-BCORRECTBANSWER-
DebitsBareBaBdecreaseBandBCreditsBareBanBincrease

HowBdoBDebitsBandBCreditsBworkBinBanBEQUITYBAcount?B-BCORRECTBANSWER-
DebitsBareBaBdecreaseBandBCreditsBareBanBincrease

WhatBdoesBtheBacronymBDEALERBmean?B-BCORRECTBANSWER-
toBincreaseBanBaccountByouBwillBDebitBandBExpenseBorBAssetBaccountBbutBcreditBaBLiability,BEquity,B
orBRevenueBaccount.

HowBwouldByouBrecordBaB$100BcashBpaymentBtoBtheBtractorBstore?B-BCORRECTBANSWER-
WeBwouldBrecordBitBasBaBCREDITBbecauseBit'sBDECREASINGBanBASSETB(inBthisBcaseBcash)