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INTUIT BOOKKEEPING EXAM LATEST 2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Big Boss Building Company purchased some construction
equipment to keep up with demand. The new bookkeeper booked
this as an expense , is this correct? - ANSWER-No
Aubergine's Antiques took out a capital lease for a moving van to
transport heavier antiques. Will they be able to depreciate this
equipment? - ANSWER-Yes
Ade just purchased $75 worth of new staplers for her Honey
Helpers Bees business. She wants to book this as a noncurrent
asset. Is that correct way to book it? - ANSWER-No
Jason's Medicinal Juniper Farm recently leased a stump drilling
machine for 12 months on an operating lease. Will he be able to
account for disposition of this equipment at the end of the lease? -
ANSWER-No
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Why is deferred revenue considered a liability? - ANSWER-
Because it is technically for goods or services still owed to
customers
In the same state, shoes, bananas, and a haircut would all be
subject to the same sales tax rate. - ANSWER-False/it depends
Funds in the Sales Tax Payable account can be treated as if they
were Sales Revenue - ANSWER-False
The following could be payroll deductions on an employee's
paystub, expect: - ANSWER-SUTA
The following are examples of employee-related items on a
paystub, expect: - ANSWER-FUTA; Federal Unemployment Tax
Payroll reports are for internal use only - ANSWER-False
The process of systematically repaying a loan over time is
referred to as: - ANSWER-Amortization
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If I use the balance sheet approach for reconciling the books each
month, all of the following accounts would be reconciled except: -
ANSWER-Bank Statement
Which of the following is not considered an element of a source
document? - ANSWER-Company Logo
Which of the following best describes the Transactional Method of
Reconciliation? - ANSWER-The method of reviewing existing
transactions & source documents to confirm the amount was
spent
Which of the following best describes the Report Method of
Reconciliation? - ANSWER-The method of comparing the amount
listed on a source document to the actual ending balance listed
on the balance sheet
True or False: Horizontal analysis results can be listed as either
percentage or dollar amounts. - ANSWER-True
INTUIT BOOKKEEPING EXAM LATEST 2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Big Boss Building Company purchased some construction
equipment to keep up with demand. The new bookkeeper booked
this as an expense , is this correct? - ANSWER-No
Aubergine's Antiques took out a capital lease for a moving van to
transport heavier antiques. Will they be able to depreciate this
equipment? - ANSWER-Yes
Ade just purchased $75 worth of new staplers for her Honey
Helpers Bees business. She wants to book this as a noncurrent
asset. Is that correct way to book it? - ANSWER-No
Jason's Medicinal Juniper Farm recently leased a stump drilling
machine for 12 months on an operating lease. Will he be able to
account for disposition of this equipment at the end of the lease? -
ANSWER-No
,2|Page
Why is deferred revenue considered a liability? - ANSWER-
Because it is technically for goods or services still owed to
customers
In the same state, shoes, bananas, and a haircut would all be
subject to the same sales tax rate. - ANSWER-False/it depends
Funds in the Sales Tax Payable account can be treated as if they
were Sales Revenue - ANSWER-False
The following could be payroll deductions on an employee's
paystub, expect: - ANSWER-SUTA
The following are examples of employee-related items on a
paystub, expect: - ANSWER-FUTA; Federal Unemployment Tax
Payroll reports are for internal use only - ANSWER-False
The process of systematically repaying a loan over time is
referred to as: - ANSWER-Amortization
, 3|Page
If I use the balance sheet approach for reconciling the books each
month, all of the following accounts would be reconciled except: -
ANSWER-Bank Statement
Which of the following is not considered an element of a source
document? - ANSWER-Company Logo
Which of the following best describes the Transactional Method of
Reconciliation? - ANSWER-The method of reviewing existing
transactions & source documents to confirm the amount was
spent
Which of the following best describes the Report Method of
Reconciliation? - ANSWER-The method of comparing the amount
listed on a source document to the actual ending balance listed
on the balance sheet
True or False: Horizontal analysis results can be listed as either
percentage or dollar amounts. - ANSWER-True
