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INTUIT BOOKKEEPING
PROFESSSIONAL CERTIFICATE EXAM
2026/2027 ACTUAL EXAM WITH
COMPLETE ACCURATE QUESTIONS
AND CORRECT VERIFIED ANSWERS (A
NEW UPDATED VERSION)
|GUARANTEED PASS A+ (BRAND NEW!)
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
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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 .... ..- O
wner's equity account
A sales manager purchases office supplies with the company credit
card. This transaction impacts the accounts payable and the office
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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 .... ..- The 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? -
..........ANSWER .... ..- A liability account.
Accounts receivable would be an example of what kind of account? -
..........ANSWER .... ..- An asset account.
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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. -
..........ANSWER .... ..- False
A schedule that contains all accounts needed to prepare financial
statements is known as: - ..........ANSWER ......- The General Ledger
Reorganizing journal entries and grouping them by account is
known as: - ..........ANSWER ......- 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: - ..........ANSWER .... ..- Chart of Accounts
To find the balance of the account types that increase with a debit
(asset and expense accounts), bookkeepers will: - ..........ANSWER ... ..-
Subtract total credits from total debits (Debits - Credits)
INTUIT BOOKKEEPING
PROFESSSIONAL CERTIFICATE EXAM
2026/2027 ACTUAL EXAM WITH
COMPLETE ACCURATE QUESTIONS
AND CORRECT VERIFIED ANSWERS (A
NEW UPDATED VERSION)
|GUARANTEED PASS A+ (BRAND NEW!)
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
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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 .... ..- O
wner's equity account
A sales manager purchases office supplies with the company credit
card. This transaction impacts the accounts payable and the office
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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 .... ..- The 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? -
..........ANSWER .... ..- A liability account.
Accounts receivable would be an example of what kind of account? -
..........ANSWER .... ..- An asset account.
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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. -
..........ANSWER .... ..- False
A schedule that contains all accounts needed to prepare financial
statements is known as: - ..........ANSWER ......- The General Ledger
Reorganizing journal entries and grouping them by account is
known as: - ..........ANSWER ......- 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: - ..........ANSWER .... ..- Chart of Accounts
To find the balance of the account types that increase with a debit
(asset and expense accounts), bookkeepers will: - ..........ANSWER ... ..-
Subtract total credits from total debits (Debits - Credits)
