INTUIT BOOKKEEPING Exam 2026|2027 Advanced Practice Questions
and Answers with Complete A+ Solutions 100% Correct!!!
Loan Amortization Schedule - correct answer -a schedule of the breakdown of each payment
between interest and principal as well as the remaining balance after each payment
A loan used to finance a company's daily operations - correct answer -Working Capital Loan
the borrower has pledged some asset as collateral. - correct answer -Secured Loan
Net assets formula - correct answer -Assets - Liabilities
The original records that prove that a specific transaction took place - correct answer -
Source Documents
Comparing account listed on source documents report to the total that is listed on the
balance sheet - correct answer -Report Reconciliation Method
1|Page
,Reviewing all existing transactions or source documents to confirm they have actually
occurred - correct answer -Transactional Reconcillations
Percent Change Formula - correct answer -Percent Change =(Recent value year−Older
value year)/Older value year ×100
horizontal analysis (trend analysis) - correct answer -a technique for evaluating a series of
financial statement data over a period of time
vertical analysis - correct answer -reporting an amount on a financial statement as a
percentage of another item on the same financial statement
Net Income Equation - correct answer -Revenues - Expenses
A measure of a company's profitability. Shows the percentage of revenue that exceeds COGS
- correct answer -Gross Profit Margin
2|Page
, Gross profit margin formula - correct answer -(Sales Revenue - Cost of Goods Sold) / Sales
Revenue
Measures how much profit a company makes on a dollar after paying for employees and
overhead - correct answer -Operating Margin
Operating Profit Margin - correct answer -operating earnings/sales revenue
Used to calculate the percentage of profit a company produces from it total revenue -
correct answer -Net Profit Margin
Net Profit Margin Formula - correct answer -Net profit/sales revenue
Analyzes short term financial risk - correct answer -Current Ratio
3|Page
and Answers with Complete A+ Solutions 100% Correct!!!
Loan Amortization Schedule - correct answer -a schedule of the breakdown of each payment
between interest and principal as well as the remaining balance after each payment
A loan used to finance a company's daily operations - correct answer -Working Capital Loan
the borrower has pledged some asset as collateral. - correct answer -Secured Loan
Net assets formula - correct answer -Assets - Liabilities
The original records that prove that a specific transaction took place - correct answer -
Source Documents
Comparing account listed on source documents report to the total that is listed on the
balance sheet - correct answer -Report Reconciliation Method
1|Page
,Reviewing all existing transactions or source documents to confirm they have actually
occurred - correct answer -Transactional Reconcillations
Percent Change Formula - correct answer -Percent Change =(Recent value year−Older
value year)/Older value year ×100
horizontal analysis (trend analysis) - correct answer -a technique for evaluating a series of
financial statement data over a period of time
vertical analysis - correct answer -reporting an amount on a financial statement as a
percentage of another item on the same financial statement
Net Income Equation - correct answer -Revenues - Expenses
A measure of a company's profitability. Shows the percentage of revenue that exceeds COGS
- correct answer -Gross Profit Margin
2|Page
, Gross profit margin formula - correct answer -(Sales Revenue - Cost of Goods Sold) / Sales
Revenue
Measures how much profit a company makes on a dollar after paying for employees and
overhead - correct answer -Operating Margin
Operating Profit Margin - correct answer -operating earnings/sales revenue
Used to calculate the percentage of profit a company produces from it total revenue -
correct answer -Net Profit Margin
Net Profit Margin Formula - correct answer -Net profit/sales revenue
Analyzes short term financial risk - correct answer -Current Ratio
3|Page
