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INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE
EXAM 2026 ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALL ANSWERED {170 Q & A} ALREADY
GRADED A+ | BRAND NEW! | 100% VERIFIED
What is the Full Disclosure Principle? - ✔✔✔ Correct Answer > - All
information relative to the business that is important to a lender
or invested MUST be disclosed in financial statements or notes in
the statements
Cecilia Tubular sells 1980s themed enamel pins. She has a huge
inventory she purchased in 1984 at $0.10 each. They are now
worth $1 each. According to the Monetary Unit Assumption, you: -
✔✔✔ Correct Answer > - Keep the value of the pins at $0.10 each.
What is the Conservatism Assumption? - ✔✔✔ Correct Answer > -
When bookkeepers are uncertain and need to determine how to
report an item.
- Choose the option that shows less income or asset benefit
- Potential losses can be recorded, potential gains, CANNOT.
What are the 5 Account Types? - ✔✔✔ Correct Answer > - Assets
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- Liabilities
- Equity
- Revenue
- Expenses
When a bookkeeper is using the US dollar as currency in
accounting and is not considering changes in the value of that
currency she is employing the: - ✔✔✔ Correct Answer > - Monetary
Unit Assumption
This assumption / principle is very subjective and should be used
with caution outside of rounding to the nearest dollar when
entering financial information. - ✔✔✔ Correct Answer > - Materiality
Principle
A company is considered a Going Concern when it: - ✔✔✔ Correct
Answer > - Is stable, able to operate and able to meet its financial
obligations.
If a business is using the Consistency Principle they will: - ✔✔✔
Correct Answer > - Adopt a specific accounting method and will enter
all similar items in the exact same way in the future.
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True or False: According to the Periodicity Assumption,
companies can only review their financial health at the end of
their fiscal year? - ✔✔✔ Correct Answer > - False
Question 2
A client owns a small vinyl sign printing company called Printing
Pros. They completed a print job for a customer on August 10, but
the customer did not pay for the service until October 15.
In which month should the revenue be recognized for this big
print job? - ✔✔✔ Correct Answer > - August
Printing Pros had another big job to do in April and needed to
hire additional help to make their deadline. The new employee
received their first paycheck at the beginning of May.
When should Printing Pros recognize the expense of paying their
employee? - ✔✔✔ Correct Answer > - April
According to the Revenue Recognition Principle, when should a
business recognize its revenue? - ✔✔✔ Correct Answer > - When it is
earned
Which of the following best describes the Periodicity
Assumption? - ✔✔✔ Correct Answer > - Companies can assume that
business activity can be broken up into smaller measurements of
time
INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE
EXAM 2026 ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALL ANSWERED {170 Q & A} ALREADY
GRADED A+ | BRAND NEW! | 100% VERIFIED
What is the Full Disclosure Principle? - ✔✔✔ Correct Answer > - All
information relative to the business that is important to a lender
or invested MUST be disclosed in financial statements or notes in
the statements
Cecilia Tubular sells 1980s themed enamel pins. She has a huge
inventory she purchased in 1984 at $0.10 each. They are now
worth $1 each. According to the Monetary Unit Assumption, you: -
✔✔✔ Correct Answer > - Keep the value of the pins at $0.10 each.
What is the Conservatism Assumption? - ✔✔✔ Correct Answer > -
When bookkeepers are uncertain and need to determine how to
report an item.
- Choose the option that shows less income or asset benefit
- Potential losses can be recorded, potential gains, CANNOT.
What are the 5 Account Types? - ✔✔✔ Correct Answer > - Assets
,2|Page
- Liabilities
- Equity
- Revenue
- Expenses
When a bookkeeper is using the US dollar as currency in
accounting and is not considering changes in the value of that
currency she is employing the: - ✔✔✔ Correct Answer > - Monetary
Unit Assumption
This assumption / principle is very subjective and should be used
with caution outside of rounding to the nearest dollar when
entering financial information. - ✔✔✔ Correct Answer > - Materiality
Principle
A company is considered a Going Concern when it: - ✔✔✔ Correct
Answer > - Is stable, able to operate and able to meet its financial
obligations.
If a business is using the Consistency Principle they will: - ✔✔✔
Correct Answer > - Adopt a specific accounting method and will enter
all similar items in the exact same way in the future.
, 3|Page
True or False: According to the Periodicity Assumption,
companies can only review their financial health at the end of
their fiscal year? - ✔✔✔ Correct Answer > - False
Question 2
A client owns a small vinyl sign printing company called Printing
Pros. They completed a print job for a customer on August 10, but
the customer did not pay for the service until October 15.
In which month should the revenue be recognized for this big
print job? - ✔✔✔ Correct Answer > - August
Printing Pros had another big job to do in April and needed to
hire additional help to make their deadline. The new employee
received their first paycheck at the beginning of May.
When should Printing Pros recognize the expense of paying their
employee? - ✔✔✔ Correct Answer > - April
According to the Revenue Recognition Principle, when should a
business recognize its revenue? - ✔✔✔ Correct Answer > - When it is
earned
Which of the following best describes the Periodicity
Assumption? - ✔✔✔ Correct Answer > - Companies can assume that
business activity can be broken up into smaller measurements of
time
