INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE FINAL LATEST EXAM
2026 WITH RESEARCHED QUESTIONS AND
CORRECT DETAILED ANSWERS
GUARANTEED PASS
What are the 5 Account Types? - ANSWER>>- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - ANSWER>>Assets = Liabilities + Equity
What are the 4 Types of financial statements? - ANSWER>>- The income
statement (aka P&L statement: Income, COGS, expenses)
- The balance sheet (assets, liabilities, equity)
- The statement of equity
,- The statement of cash flow
What are the 4 types of accounting adjustments? - ANSWER>>- Deferrals
- Accruals
- Missing Transactions - Tax Adjustments
What tasks would a bookkeeper do? - ANSWER>>- Handle bank feeds and
reconciles bank accounts, managing accounts receivable/payable, and
record financial transactions
Mary Smith is the owner and operator of Smith Construction. At the end of
the company's accounting period, December 31, 2020, Smith Construction
has assets totaling $760,000 and liabilities totaling $240,000.
Use the accounting equation to calculate what Mary's Owner Equity would
be as of December 31, 2020. - ANSWER>>- $520,000
Mike Anderson is the owner and operator of Anderson Consulting. At the
end of 2019, the company's assets totaled $500,000 and its liabilities
totaled $175,000. Assuming that over the 2020 fiscal year, assets
increased by $120,000 and liabilities increased by $72,000, use the
accounting equation to determine what Mike's Owner's equity will be as of
December 31, 2020? - ANSWER>>- $373,000
Maria Garcia owns a software consulting firm. At the beginning of 2019, her
firm had assets of $800,000 and liabilities of $185,000. Assuming that
assets decreased by $52,000 and liabilities increased by $24,000 during
2020, use the accounting equation to calculate equity at the end of 2020. -
ANSWER>>- $539,000
The accounting equation can be defined as: - ANSWER>>- Assets =
Liability + Equity
What the company owns or controls and expects to gain value from is
defined as: - ANSWER>>- An Asset
What the company owes to others is defined as: - ANSWER>>- Liabilities
, The owner's stake in the company is defined as: - ANSWER>>- Equity A
way of bookkeeping that tracks which accounts increase and which
decrease for a given transaction is known as: - ANSWER>>- Double-entry
Accounting
Which of the following best defines a credit as it's used in double-entry
accounting? - ANSWER>>- A decrease in assets/expenses and an
increase in liabilities/owner's equity and revenue.
Which of the following best defines a debit as it's used in double-entry
accounting? - ANSWER>>- An increase in assets/expenses and a
decrease in liabilities/owner's equity and revenue.
You purchased inventory from your vendor and paid cash. The accounts
affected are the inventory account and the cash account. In your journal
entry, which account would you debit? - ANSWER>>- Inventory account
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? - ANSWER>>- 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? -
ANSWER>>- 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? - ANSWER>>- Cash account
Debits are always represented on what side of a T-chart? - ANSWER>>- T
he left.
Short-term Investments would be an example of what kind of account? -
ANSWER>>- An asset account.
Accounts payable would be an example of what kind of account? -
CERTIFICATE FINAL LATEST EXAM
2026 WITH RESEARCHED QUESTIONS AND
CORRECT DETAILED ANSWERS
GUARANTEED PASS
What are the 5 Account Types? - ANSWER>>- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - ANSWER>>Assets = Liabilities + Equity
What are the 4 Types of financial statements? - ANSWER>>- The income
statement (aka P&L statement: Income, COGS, expenses)
- The balance sheet (assets, liabilities, equity)
- The statement of equity
,- The statement of cash flow
What are the 4 types of accounting adjustments? - ANSWER>>- Deferrals
- Accruals
- Missing Transactions - Tax Adjustments
What tasks would a bookkeeper do? - ANSWER>>- Handle bank feeds and
reconciles bank accounts, managing accounts receivable/payable, and
record financial transactions
Mary Smith is the owner and operator of Smith Construction. At the end of
the company's accounting period, December 31, 2020, Smith Construction
has assets totaling $760,000 and liabilities totaling $240,000.
Use the accounting equation to calculate what Mary's Owner Equity would
be as of December 31, 2020. - ANSWER>>- $520,000
Mike Anderson is the owner and operator of Anderson Consulting. At the
end of 2019, the company's assets totaled $500,000 and its liabilities
totaled $175,000. Assuming that over the 2020 fiscal year, assets
increased by $120,000 and liabilities increased by $72,000, use the
accounting equation to determine what Mike's Owner's equity will be as of
December 31, 2020? - ANSWER>>- $373,000
Maria Garcia owns a software consulting firm. At the beginning of 2019, her
firm had assets of $800,000 and liabilities of $185,000. Assuming that
assets decreased by $52,000 and liabilities increased by $24,000 during
2020, use the accounting equation to calculate equity at the end of 2020. -
ANSWER>>- $539,000
The accounting equation can be defined as: - ANSWER>>- Assets =
Liability + Equity
What the company owns or controls and expects to gain value from is
defined as: - ANSWER>>- An Asset
What the company owes to others is defined as: - ANSWER>>- Liabilities
, The owner's stake in the company is defined as: - ANSWER>>- Equity A
way of bookkeeping that tracks which accounts increase and which
decrease for a given transaction is known as: - ANSWER>>- Double-entry
Accounting
Which of the following best defines a credit as it's used in double-entry
accounting? - ANSWER>>- A decrease in assets/expenses and an
increase in liabilities/owner's equity and revenue.
Which of the following best defines a debit as it's used in double-entry
accounting? - ANSWER>>- An increase in assets/expenses and a
decrease in liabilities/owner's equity and revenue.
You purchased inventory from your vendor and paid cash. The accounts
affected are the inventory account and the cash account. In your journal
entry, which account would you debit? - ANSWER>>- Inventory account
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? - ANSWER>>- 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? -
ANSWER>>- 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? - ANSWER>>- Cash account
Debits are always represented on what side of a T-chart? - ANSWER>>- T
he left.
Short-term Investments would be an example of what kind of account? -
ANSWER>>- An asset account.
Accounts payable would be an example of what kind of account? -
