Intuit Academy Bookkeeping
Exam 2026 Exam Questions
with 100% Correct Answers |
Latest Update
Four Key Elements of Bookkeeping Ethics - 🧠 ANSWER ✔✔Honesty,
Objectivity, Confidentiality and Professionalism
What is DEALER - 🧠 ANSWER ✔✔Dividends + Expenses + Assets =
Liabilities + Owner's Equity (beginning) + Revenue
,What's is the accounting Equation? - 🧠 ANSWER ✔✔Assets = Liabilities +
Equity
Profit and Loss statement. Shows the company's revenues and expenses
during a particular period - 🧠 ANSWER ✔✔The Income Statement
A financial statement that reports a company's assets, liabilities, and equity
at a specific point in time - 🧠 ANSWER ✔✔The Balance Sheet
Reports the changes in company equity, from the opening balance to the
end of the period balance. - 🧠 ANSWER ✔✔The Statement of Equity
Reports the sources and uses of cash by a business - 🧠 ANSWER ✔✔The
Statement of Cash Flow
Accounting Cycle - 🧠 ANSWER ✔✔1. Analyze and record transactions
2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
, If customers pays at the time of sale you must enter it as a - 🧠 ANSWER
✔✔Sales Receipt
If customers does not pay at the time of sale you must enter it as a - 🧠
ANSWER ✔✔Invoice
Once and customer has paid an invoice it goes to - 🧠 ANSWER
✔✔Receive payment
Receive payment and sales receipt are followed by - 🧠 ANSWER ✔✔Bank
deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes - 🧠
ANSWER ✔✔Deferrals, Accruals, Missing Transactions, and Tax
Adjustments
An entry to record a current payment or expense at a
later period when the money has actually been earned or
incurred. Deferral entries remove transactions that belong to a different
time period. - 🧠 ANSWER ✔✔Deferral
An entry to record a future revenue or expense in the
current period, even if money hasn't been paid or
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
Exam 2026 Exam Questions
with 100% Correct Answers |
Latest Update
Four Key Elements of Bookkeeping Ethics - 🧠 ANSWER ✔✔Honesty,
Objectivity, Confidentiality and Professionalism
What is DEALER - 🧠 ANSWER ✔✔Dividends + Expenses + Assets =
Liabilities + Owner's Equity (beginning) + Revenue
,What's is the accounting Equation? - 🧠 ANSWER ✔✔Assets = Liabilities +
Equity
Profit and Loss statement. Shows the company's revenues and expenses
during a particular period - 🧠 ANSWER ✔✔The Income Statement
A financial statement that reports a company's assets, liabilities, and equity
at a specific point in time - 🧠 ANSWER ✔✔The Balance Sheet
Reports the changes in company equity, from the opening balance to the
end of the period balance. - 🧠 ANSWER ✔✔The Statement of Equity
Reports the sources and uses of cash by a business - 🧠 ANSWER ✔✔The
Statement of Cash Flow
Accounting Cycle - 🧠 ANSWER ✔✔1. Analyze and record transactions
2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
, If customers pays at the time of sale you must enter it as a - 🧠 ANSWER
✔✔Sales Receipt
If customers does not pay at the time of sale you must enter it as a - 🧠
ANSWER ✔✔Invoice
Once and customer has paid an invoice it goes to - 🧠 ANSWER
✔✔Receive payment
Receive payment and sales receipt are followed by - 🧠 ANSWER ✔✔Bank
deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes - 🧠
ANSWER ✔✔Deferrals, Accruals, Missing Transactions, and Tax
Adjustments
An entry to record a current payment or expense at a
later period when the money has actually been earned or
incurred. Deferral entries remove transactions that belong to a different
time period. - 🧠 ANSWER ✔✔Deferral
An entry to record a future revenue or expense in the
current period, even if money hasn't been paid or
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
