Intuit Academy Bookkeeping EXAMS || Most Recent Exams (2026/2027)|Brand New Version|

Intuit Academy Bookkeeping EXAMS || Most Recent

Exams (2026/2027)|Brand New Version|




Four Key Elements of Bookkeeping Ethics - ANSWER-

Honesty, Objectivity, Confidentiality and Professionalism




What is DEALER - ANSWER-Dividends + Expenses +

Assets = Liabilities + Owner's Equity (beginning) +

Revenue

,What's is the accounting Equation? - ANSWER-Assets =

Liabilities + Equity




Profit and Loss statement. Shows the company's revenues

and expenses during a particular period - ANSWER-The

Income Statement




A financial statement that reports a company's assets,

liabilities, and equity at a specific point in time - ANSWER-

The Balance Sheet




Reports the changes in company equity, from the opening

balance to the end of the period balance. - ANSWER-The

Statement of Equity

, Reports the sources and uses of cash by a business -

ANSWER-The Statement of Cash Flow




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




If customers pays at the time of sale you must enter it as a

- ANSWER-Sales Receipt