INTUIT ACADEMY BOOKKEEPING
EXAM QUESTIONS AND ANSWERS
2026 VERIFIED.
Four Key Elements of Bookkeeping Ethics - ANS Honesty, Objectivity, Confidentiality and
Professionalism
What is DEALER - ANS Dividends + Expenses + Assets = Liabilities + Owner's Equity
(beginning) + Revenue
What's is the accounting Equation? - ANS Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period - ANS The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in
time - ANS The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period
balance. - ANS The Statement of Equity
Reports the sources and uses of cash by a business - ANS The Statement of Cash Flow
Accounting Cycle - ANS 1. Analyze and record transactions
@COPYRIGHT ALL RIGHTS RESERVED PAGE 1 OF 11
, 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 - ANS Sales Receipt
If customers does not pay at the time of sale you must enter it as a - ANS Invoice
Once and customer has paid an invoice it goes to - ANS Receive payment
Receive payment and sales receipt are followed by - ANS Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes - ANS 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. -
ANS Deferral
An entry to record a future revenue or expense in the
current period, even if money hasn't been paid or
received yet. - ANS Accrual
The Business is a separate entity, so the activities of a business must be kept separate from any
other financial activities of its business owners - ANS Economic Entity Assumption
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 11
EXAM QUESTIONS AND ANSWERS
2026 VERIFIED.
Four Key Elements of Bookkeeping Ethics - ANS Honesty, Objectivity, Confidentiality and
Professionalism
What is DEALER - ANS Dividends + Expenses + Assets = Liabilities + Owner's Equity
(beginning) + Revenue
What's is the accounting Equation? - ANS Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period - ANS The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific point in
time - ANS The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period
balance. - ANS The Statement of Equity
Reports the sources and uses of cash by a business - ANS The Statement of Cash Flow
Accounting Cycle - ANS 1. Analyze and record transactions
@COPYRIGHT ALL RIGHTS RESERVED PAGE 1 OF 11
, 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 - ANS Sales Receipt
If customers does not pay at the time of sale you must enter it as a - ANS Invoice
Once and customer has paid an invoice it goes to - ANS Receive payment
Receive payment and sales receipt are followed by - ANS Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes - ANS 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. -
ANS Deferral
An entry to record a future revenue or expense in the
current period, even if money hasn't been paid or
received yet. - ANS Accrual
The Business is a separate entity, so the activities of a business must be kept separate from any
other financial activities of its business owners - ANS Economic Entity Assumption
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 11
