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INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE EXAM GUIDE UPDATED 2026–
2027 WITH ALL NEW QUESTIONS AND
EXACTLY RIGHT ANSWERS | A+ QUALITY
GUARANTEE
Bookkeepers 4 Ethical Principles
1) Honesty: Report financial data in accurate time and manner, own any
mistakes/do what you can to fix them, being open and transparent w/ clients about
the state of their financials
2) Objectivity: never take a job that might pose a conflict of interest, never allow
another party to influence your findings, never let personal bias get in the way of
duties.
3) Confidentiality: never discuss anything related to a client outside the job, never
use inside info of a client for personal gain.
4) Professionalism: be courteous of a business owners needs, avoid any activity
personal or professional that could shame the business, maintain proper credentials
and skills through continuing education.
Accounting Equation
Assets = Liabilities + Owner's Equity or Equity = Assets - Liabilities
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Double Entry Accounting
Accounting system in which each transaction affects at least two accounts and has
at least one debit and one credit and they must balance.
T-Chart
A visual representation of individual accounts in the form of a “T,” making it so
that all additions and subtractions (debits and credits) to the account can be easily
tracked and represented visually.
Debit Increasing Account Types
Assets, Expenses
Credit Increasing Account Types
Liabilities, Equity, Revenue
Permanent Account Types
Assets, Liabilities, Equity (ALE)
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Temporary Account Types
Revenues, Equity, Dividends (RED)
Assets
What a company owns or controls and expects to gain value from or can easily
convert to cash
Liabilities
What the company owes to others
Short term liabilities
must be paid off soon, usually within a year or less
Long term liabilities (LTD)
liabilities owed for more than a year
INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE EXAM GUIDE UPDATED 2026–
2027 WITH ALL NEW QUESTIONS AND
EXACTLY RIGHT ANSWERS | A+ QUALITY
GUARANTEE
Bookkeepers 4 Ethical Principles
1) Honesty: Report financial data in accurate time and manner, own any
mistakes/do what you can to fix them, being open and transparent w/ clients about
the state of their financials
2) Objectivity: never take a job that might pose a conflict of interest, never allow
another party to influence your findings, never let personal bias get in the way of
duties.
3) Confidentiality: never discuss anything related to a client outside the job, never
use inside info of a client for personal gain.
4) Professionalism: be courteous of a business owners needs, avoid any activity
personal or professional that could shame the business, maintain proper credentials
and skills through continuing education.
Accounting Equation
Assets = Liabilities + Owner's Equity or Equity = Assets - Liabilities
,2|Page
Double Entry Accounting
Accounting system in which each transaction affects at least two accounts and has
at least one debit and one credit and they must balance.
T-Chart
A visual representation of individual accounts in the form of a “T,” making it so
that all additions and subtractions (debits and credits) to the account can be easily
tracked and represented visually.
Debit Increasing Account Types
Assets, Expenses
Credit Increasing Account Types
Liabilities, Equity, Revenue
Permanent Account Types
Assets, Liabilities, Equity (ALE)
, 3|Page
Temporary Account Types
Revenues, Equity, Dividends (RED)
Assets
What a company owns or controls and expects to gain value from or can easily
convert to cash
Liabilities
What the company owes to others
Short term liabilities
must be paid off soon, usually within a year or less
Long term liabilities (LTD)
liabilities owed for more than a year
