INTUIT BOOKKEEPING PROFESSSIONAL CERTIFICATE EXAM
2025/2026 ACTUAL EXAM WITH COMPLETE ACCURATE QUESTIONS
AND CORRECT VERIFIED ANSWERS (A NEW UPDATED VERSION)
|GUARANTEED PASS A+ (BRAND NEW!) FULL REVISED INTUIT
BOOKKEEPING PROFESSIONAL CERT EXAM 2025/2026
you're a bookkeeper for a small law firm that provides legal
services to clients on a monthly retainer basis. you use accrual
accounting to record the final transactions of the firm in June,
you billed 10 clients for a total of $20,000, but only 8 of them
paid you by June 30th the other 2 clients paid $2,000 each on
July 10. you also incurred $5,000 in expenses for rent, utilities,
and supplies in June, which you paid June 30. now would you
report your revenue and expenses for June under the matching
principle?
Answer- revenue = $20,000
expenses = $5,000
bookkeeper notices there is increase in Accounts Payable
(liability account) from recording a utility bill. what is impact on
accounting equation?
Answer- decrease owners’ equity
,business bought a new printer with cash for $1,000 on 1/10.
useful life = 5 years. residual value $100. uses straight line
method to calculate depreciation.
-business has received $50 coupon to buy books.
-business made rounding error of $2 in recording COGS for
January. COGS before error = $10,000
-how should he apply mutuality principle in accounting records
he should record the printer as an asset and depreciate it over 5
years, ignore the coupon, and ignore rounding error in COGS
person has a business, personal, and investments all in his
personal bank account
answer-separate them all
using modified cash basis account method
-provided services $200/ea. to 50 customers
-10 customers schedule to pay July 10
-40 customers paid by June 30
-sold $5,000 (cash)
-paid $3,000 expenses June 30
,-purchased $2,000 inventory June 15 due July 15
how would report revenue and expenses for June
revenue = $13,000
expenses = $3,000
if someone not affiliated with accounting firm ask about the
financial status of a mutual acquaintance, what do you do?
Answer- politely decline and explain confidentiality
small business purchase new machine for $10,000, pay cash
$2,000 and borrow $8,000. how does this effect accounting
equation?
asset increase $8,000
liabilities increase $8,000
machine (asset) increase by $10,000
cash (asset) decrease by $2,000-$8,000
loan (liability) increase by $8,000
, bookkeeper discovers significant financial discrepancies in the
records. she finds out it's coworker mark's fault. what should she
do?
Answer- report discrepancy to owner/supervisor
a US crop operating in several countries prepares its financial
statements in USD, using monetary unit assumption accounting
principle, what does it mean?
Answer- it means company records all its transactions in USD
and does not account for inflation/deflation in any country
credit
answer- decrease in assets/expenses or an increase in
liabilities/owners’ equity/revenue
debit
answer- increase in asset or decrease in liability/equity
2025/2026 ACTUAL EXAM WITH COMPLETE ACCURATE QUESTIONS
AND CORRECT VERIFIED ANSWERS (A NEW UPDATED VERSION)
|GUARANTEED PASS A+ (BRAND NEW!) FULL REVISED INTUIT
BOOKKEEPING PROFESSIONAL CERT EXAM 2025/2026
you're a bookkeeper for a small law firm that provides legal
services to clients on a monthly retainer basis. you use accrual
accounting to record the final transactions of the firm in June,
you billed 10 clients for a total of $20,000, but only 8 of them
paid you by June 30th the other 2 clients paid $2,000 each on
July 10. you also incurred $5,000 in expenses for rent, utilities,
and supplies in June, which you paid June 30. now would you
report your revenue and expenses for June under the matching
principle?
Answer- revenue = $20,000
expenses = $5,000
bookkeeper notices there is increase in Accounts Payable
(liability account) from recording a utility bill. what is impact on
accounting equation?
Answer- decrease owners’ equity
,business bought a new printer with cash for $1,000 on 1/10.
useful life = 5 years. residual value $100. uses straight line
method to calculate depreciation.
-business has received $50 coupon to buy books.
-business made rounding error of $2 in recording COGS for
January. COGS before error = $10,000
-how should he apply mutuality principle in accounting records
he should record the printer as an asset and depreciate it over 5
years, ignore the coupon, and ignore rounding error in COGS
person has a business, personal, and investments all in his
personal bank account
answer-separate them all
using modified cash basis account method
-provided services $200/ea. to 50 customers
-10 customers schedule to pay July 10
-40 customers paid by June 30
-sold $5,000 (cash)
-paid $3,000 expenses June 30
,-purchased $2,000 inventory June 15 due July 15
how would report revenue and expenses for June
revenue = $13,000
expenses = $3,000
if someone not affiliated with accounting firm ask about the
financial status of a mutual acquaintance, what do you do?
Answer- politely decline and explain confidentiality
small business purchase new machine for $10,000, pay cash
$2,000 and borrow $8,000. how does this effect accounting
equation?
asset increase $8,000
liabilities increase $8,000
machine (asset) increase by $10,000
cash (asset) decrease by $2,000-$8,000
loan (liability) increase by $8,000
, bookkeeper discovers significant financial discrepancies in the
records. she finds out it's coworker mark's fault. what should she
do?
Answer- report discrepancy to owner/supervisor
a US crop operating in several countries prepares its financial
statements in USD, using monetary unit assumption accounting
principle, what does it mean?
Answer- it means company records all its transactions in USD
and does not account for inflation/deflation in any country
credit
answer- decrease in assets/expenses or an increase in
liabilities/owners’ equity/revenue
debit
answer- increase in asset or decrease in liability/equity
