INTUIT BOOKKEEPING EXAM UPDATE 2026/27 VERIFIED
QUESTIONS AND CORRECT ANSWERS RATED A+ ASSURED
SUCCESS
An inventory system that updates the inventory account only at
specified intervals
Periodic
Inventory Cost Flows
FIFO, LIFO, and Average Cost
First-In, First-Out (FIFO)
Method to assign cost to inventory that assumes items are
sold in the order acquired; earliest items purchased are the
first sold.
Last in, First out (LIFO)
Method to assign cost to inventory that assumes costs for the
most recent items purchased are sold first and charged to
cost of goods sold.
,Average Cost
All items in the inventory are priced at their average cost
Closing Inventory
Closing Inventory=Cost of Goods Available- COGS
COGS equation
BI(Beginning Inventory) + COGP (Cost of Goods Purchased) -
EI (Ending Inventory) = COGS
Fixing Journals Entries
Reverse journal entry or reproduce financial statements
Details the error and corrections you made to the income
statement and balance sheet
Disclosure
, PP&E (Plants, Property, and Equipment), Trademarks, and
long-term investments
Non-Current Assets
The same amount of depreciation expense is recorded each
accounting period, during an asset's servicing life
Straight-Line Depreciation
The asset is used more earlier in its life so you would
depreciate more in year 2 than year 4
Accelerated Depreciation
Table that shows the depreciation amount over the span of he
asset's life
Depreciation Schedule
QUESTIONS AND CORRECT ANSWERS RATED A+ ASSURED
SUCCESS
An inventory system that updates the inventory account only at
specified intervals
Periodic
Inventory Cost Flows
FIFO, LIFO, and Average Cost
First-In, First-Out (FIFO)
Method to assign cost to inventory that assumes items are
sold in the order acquired; earliest items purchased are the
first sold.
Last in, First out (LIFO)
Method to assign cost to inventory that assumes costs for the
most recent items purchased are sold first and charged to
cost of goods sold.
,Average Cost
All items in the inventory are priced at their average cost
Closing Inventory
Closing Inventory=Cost of Goods Available- COGS
COGS equation
BI(Beginning Inventory) + COGP (Cost of Goods Purchased) -
EI (Ending Inventory) = COGS
Fixing Journals Entries
Reverse journal entry or reproduce financial statements
Details the error and corrections you made to the income
statement and balance sheet
Disclosure
, PP&E (Plants, Property, and Equipment), Trademarks, and
long-term investments
Non-Current Assets
The same amount of depreciation expense is recorded each
accounting period, during an asset's servicing life
Straight-Line Depreciation
The asset is used more earlier in its life so you would
depreciate more in year 2 than year 4
Accelerated Depreciation
Table that shows the depreciation amount over the span of he
asset's life
Depreciation Schedule
