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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM QUESTIONS AND
VERIFIED ANSWERS 2026/2027 UPDATE GRADED TO PASS A+
An owner invests $1000 in the company. This transaction impacted the checking account and the owner's
equity account. In your journal entry, which account do you credit?
- Owner's equity account
A sales manager purchases office supplies with the company credit card. This transaction impacts the
accounts payable and the office supplies accounts. In your journal entry, which account do you credit?
- Accounts payable
The company pays off the credit card bill. This transaction impacts the accounts payable and the cash
accounts. In your journal entry, which account do you credit?
- Cash account
Debits are always represented on what side of a T-chart?
- The left.
Short-term Investments would be an example of what kind of account?
- An asset account.
Accounts payable would be an example of what kind of account?
- A liability account.
Accounts receivable would be an example of what kind of account?
- An asset account.
True or False: Your client was paid in cash for a service that they provided. They've asked you to leave it
off their financial records. Since you are employed by the client, you should do what they ask.
- False
A schedule that contains all accounts needed to prepare financial statements is known as:
- The General Ledger
Reorganizing journal entries and grouping them by account is known as:
- Posting to the ledger
A listing of the names of the accounts that a company has identified and made available for recording
transactions in its general ledger is known as a:
- Chart of Accounts
To find the balance of the account types that increase with a debit (asset and expense accounts),
bookkeepers will:
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- Subtract total credits from total debits (Debits - Credits)
The accounting cycle starts with the:
- Analysis of business transactions
After analysis, the business transaction is recorded in the journal in:
- Chronological order
A form or statement that lists the titles and balances of all ledger accounts at a given date is known as:
- Trial balance
Sydney is entering a transaction in QuickBooks. What are the two steps of manual accounting that will
happen simultaneously as she does this?
- Creating a journal entry and posting to the ledger
The digits of the account numbers assigned to general ledger accounts often have significance. For
example, an account number beginning with a "1" might signify that the account is an asset account, a "6"
might signify an operating expense, etc.
- True
A trial balance where total debits equal total credits indicates:
- The ledger is in balance.
Zach needs to determine what his company's financial position was on March 31st of last year. Which of
the following would be the best report to look at?
- Balance sheet
Which of the following financial statements reports the sources and uses of cash by a business?
- Statement of Cash Flow
Which of the following lists general ledger account balances at the end of a reporting period, before any
adjusting entries are made?
- Unadjusted Trial Balance
A trial balance that is prepared after taking into account all the adjusting entries is known as:
- Adjusted Trial Balance
The preparation of financial statements and closing the books is the ______ step of the accounting cycle.
- last
Rudiger has just recorded and posted his business transactions to the ledger. His next step in the
accounting cycle is to _______.
- prepare an unadjusted trial balance
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Francis enters a $100 check received from a customer into QuickBooks online. If she views the Transaction
Journal, which account would show as being debited $100?
- Business bank account
The double-entry system of bookkeeping normally results in which of the following balances in the ledger
accounts?
- Debit: Assets and expenses
- Credit: Liabilities, equity, and revenue
In the first month of operations, Pepper Consulting's total debit entries to the cash account amounted to
$900, and the total credit entries to the cash account amounted to $600. The cash account has a:
- $300 debit balance
Pepper Consulting bought computers with credit from PYO Suppliers and entered the purchase into
QuickBooks. The transaction journal for Pepper Consulting would show the following entry:
- Debit: Computers
- Credit: PYO Credit Payable
Which of the following financial statements provides a summary of a company's revenue and expenses
over a period of time?
- The Income Statement
Which of the following financial statements provides you with the owner's change in capital over time?
- The Statement of Equity
Which of the following financial statements shows the balances of a company's assets, equity, and
liability?
- The Balance Sheet
Which of the following financial statements provides aggregate data regarding all cash inflows a company
receives from its ongoing operations and external investments?
- The Statement of Cash Flow
A seasonal business like Lou's Landscaping can have decreased cash during off-season months. Which
financial statement would show the cash inflows and outflows for a particular month?
- Cash Flow Statement
Which of these accounts would have a balance of $0 at the beginning of each new accounting period?
- Revenue
A business owner performs a service and is paid when the job is performed. The owner would then enter
this transaction into accounting software as:
INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM QUESTIONS AND
VERIFIED ANSWERS 2026/2027 UPDATE GRADED TO PASS A+
An owner invests $1000 in the company. This transaction impacted the checking account and the owner's
equity account. In your journal entry, which account do you credit?
- Owner's equity account
A sales manager purchases office supplies with the company credit card. This transaction impacts the
accounts payable and the office supplies accounts. In your journal entry, which account do you credit?
- Accounts payable
The company pays off the credit card bill. This transaction impacts the accounts payable and the cash
accounts. In your journal entry, which account do you credit?
- Cash account
Debits are always represented on what side of a T-chart?
- The left.
Short-term Investments would be an example of what kind of account?
- An asset account.
Accounts payable would be an example of what kind of account?
- A liability account.
Accounts receivable would be an example of what kind of account?
- An asset account.
True or False: Your client was paid in cash for a service that they provided. They've asked you to leave it
off their financial records. Since you are employed by the client, you should do what they ask.
- False
A schedule that contains all accounts needed to prepare financial statements is known as:
- The General Ledger
Reorganizing journal entries and grouping them by account is known as:
- Posting to the ledger
A listing of the names of the accounts that a company has identified and made available for recording
transactions in its general ledger is known as a:
- Chart of Accounts
To find the balance of the account types that increase with a debit (asset and expense accounts),
bookkeepers will:
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- Subtract total credits from total debits (Debits - Credits)
The accounting cycle starts with the:
- Analysis of business transactions
After analysis, the business transaction is recorded in the journal in:
- Chronological order
A form or statement that lists the titles and balances of all ledger accounts at a given date is known as:
- Trial balance
Sydney is entering a transaction in QuickBooks. What are the two steps of manual accounting that will
happen simultaneously as she does this?
- Creating a journal entry and posting to the ledger
The digits of the account numbers assigned to general ledger accounts often have significance. For
example, an account number beginning with a "1" might signify that the account is an asset account, a "6"
might signify an operating expense, etc.
- True
A trial balance where total debits equal total credits indicates:
- The ledger is in balance.
Zach needs to determine what his company's financial position was on March 31st of last year. Which of
the following would be the best report to look at?
- Balance sheet
Which of the following financial statements reports the sources and uses of cash by a business?
- Statement of Cash Flow
Which of the following lists general ledger account balances at the end of a reporting period, before any
adjusting entries are made?
- Unadjusted Trial Balance
A trial balance that is prepared after taking into account all the adjusting entries is known as:
- Adjusted Trial Balance
The preparation of financial statements and closing the books is the ______ step of the accounting cycle.
- last
Rudiger has just recorded and posted his business transactions to the ledger. His next step in the
accounting cycle is to _______.
- prepare an unadjusted trial balance
, Page 3 of 16
Francis enters a $100 check received from a customer into QuickBooks online. If she views the Transaction
Journal, which account would show as being debited $100?
- Business bank account
The double-entry system of bookkeeping normally results in which of the following balances in the ledger
accounts?
- Debit: Assets and expenses
- Credit: Liabilities, equity, and revenue
In the first month of operations, Pepper Consulting's total debit entries to the cash account amounted to
$900, and the total credit entries to the cash account amounted to $600. The cash account has a:
- $300 debit balance
Pepper Consulting bought computers with credit from PYO Suppliers and entered the purchase into
QuickBooks. The transaction journal for Pepper Consulting would show the following entry:
- Debit: Computers
- Credit: PYO Credit Payable
Which of the following financial statements provides a summary of a company's revenue and expenses
over a period of time?
- The Income Statement
Which of the following financial statements provides you with the owner's change in capital over time?
- The Statement of Equity
Which of the following financial statements shows the balances of a company's assets, equity, and
liability?
- The Balance Sheet
Which of the following financial statements provides aggregate data regarding all cash inflows a company
receives from its ongoing operations and external investments?
- The Statement of Cash Flow
A seasonal business like Lou's Landscaping can have decreased cash during off-season months. Which
financial statement would show the cash inflows and outflows for a particular month?
- Cash Flow Statement
Which of these accounts would have a balance of $0 at the beginning of each new accounting period?
- Revenue
A business owner performs a service and is paid when the job is performed. The owner would then enter
this transaction into accounting software as:
