______________________________________
INTUIT BOOKKEEPING
PROFESSIONAL CERTIFICATE
EXAM-STYLE REVIEW
PROFESSIONAL CERTIFICATE
REVIEW GUIDE EXAM-STYLE
QUESTIONS & ANSWERS
EXAM COVER SHEET
EXAM NAME: Intuit Bookkeeping Professional Certificate Exam
PROGRAM: Intuit Bookkeeping Professional Certificate Program
COURSE NAME: Bookkeeping Professional Certificate Course
(Intuit Bookkeeping) / Exam Terms
INTUIT BOOKKEEPING REVIEW
GUIDE EXAM
2026/2027
,What are the 5 Account Types? - CORRECT-ANSWERS--- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - CORRECT-ANSWERS--Assets = Liabilities
+ Equity
What does DEA/LER stand for? - CORRECT-ANSWERS--- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the Accounting-Cycle? - CORRECT-ANSWERS--1.
Identify transactions
2. record transactions
3. run reports
4. adjusting entries
5. close the books
,What are the 4 Types of financial statements? - CORRECT-ANSWERS--- The
income statement (aka P&L statement: Income, COGS, expenses)
- The balance sheet (assets, liabilities, equity)
- The statement of equity
- The statement of cash flow
What are the 4 types of accounting adjustments? - CORRECT-ANSWERS---
Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
What tasks would a bookkeeper do? - CORRECT-ANSWERS--- Handle bank
feeds and reconciles bank accounts, managing accounts receivable/payable,
and record financial transactions
Mary Smith is the owner and operator of Smith Construction. At the end of
the company's accounting period, December 31, 2020, Smith Construction
has assets totaling $760,000 and liabilities totaling $240,000.
Use the accounting equation to calculate what Mary's Owner Equity would
be as of December 31, 2020. - CORRECT-ANSWERS--- $520,000
Mike Anderson is the owner and operator of Anderson Consulting. At the
end of 2019, the company's assets totaled $500,000 and its liabilities totaled
$175,000. Assuming that over the 2020 fiscal year, assets increased by
, $120,000 and liabilities increased by $72,000, use the accounting equation
to determine what Mike's Owner's equity will be as of December 31, 2020? -
CORRECT-ANSWERS--- $373,000
Maria Garcia owns a software consulting firm. At the beginning of 2019, her
firm had assets of $800,000 and liabilities of $185,000. Assuming that assets
decreased by $52,000 and liabilities increased by $24,000 during 2020, use
the accounting equation to calculate equity at the end of 2020. - CORRECT-
ANSWERS--- $539,000
The accounting equation can be defined as: - CORRECT-ANSWERS--- Assets
= Liability + Equity
What the company owns or controls and expects to gain value from is
defined as: - CORRECT-ANSWERS--- An Asset
What the company owes to others is defined as: - CORRECT-ANSWERS---
Liabilities
The owner's stake in the company is defined as: - CORRECT-ANSWERS---
Equity
A way of bookkeeping that tracks which accounts increase and which
decrease for a given transaction is known as: - CORRECT-ANSWERS---
Double-entry Accounting
INTUIT BOOKKEEPING
PROFESSIONAL CERTIFICATE
EXAM-STYLE REVIEW
PROFESSIONAL CERTIFICATE
REVIEW GUIDE EXAM-STYLE
QUESTIONS & ANSWERS
EXAM COVER SHEET
EXAM NAME: Intuit Bookkeeping Professional Certificate Exam
PROGRAM: Intuit Bookkeeping Professional Certificate Program
COURSE NAME: Bookkeeping Professional Certificate Course
(Intuit Bookkeeping) / Exam Terms
INTUIT BOOKKEEPING REVIEW
GUIDE EXAM
2026/2027
,What are the 5 Account Types? - CORRECT-ANSWERS--- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What is the accounting formula? - CORRECT-ANSWERS--Assets = Liabilities
+ Equity
What does DEA/LER stand for? - CORRECT-ANSWERS--- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 5 steps of the Accounting-Cycle? - CORRECT-ANSWERS--1.
Identify transactions
2. record transactions
3. run reports
4. adjusting entries
5. close the books
,What are the 4 Types of financial statements? - CORRECT-ANSWERS--- The
income statement (aka P&L statement: Income, COGS, expenses)
- The balance sheet (assets, liabilities, equity)
- The statement of equity
- The statement of cash flow
What are the 4 types of accounting adjustments? - CORRECT-ANSWERS---
Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
What tasks would a bookkeeper do? - CORRECT-ANSWERS--- Handle bank
feeds and reconciles bank accounts, managing accounts receivable/payable,
and record financial transactions
Mary Smith is the owner and operator of Smith Construction. At the end of
the company's accounting period, December 31, 2020, Smith Construction
has assets totaling $760,000 and liabilities totaling $240,000.
Use the accounting equation to calculate what Mary's Owner Equity would
be as of December 31, 2020. - CORRECT-ANSWERS--- $520,000
Mike Anderson is the owner and operator of Anderson Consulting. At the
end of 2019, the company's assets totaled $500,000 and its liabilities totaled
$175,000. Assuming that over the 2020 fiscal year, assets increased by
, $120,000 and liabilities increased by $72,000, use the accounting equation
to determine what Mike's Owner's equity will be as of December 31, 2020? -
CORRECT-ANSWERS--- $373,000
Maria Garcia owns a software consulting firm. At the beginning of 2019, her
firm had assets of $800,000 and liabilities of $185,000. Assuming that assets
decreased by $52,000 and liabilities increased by $24,000 during 2020, use
the accounting equation to calculate equity at the end of 2020. - CORRECT-
ANSWERS--- $539,000
The accounting equation can be defined as: - CORRECT-ANSWERS--- Assets
= Liability + Equity
What the company owns or controls and expects to gain value from is
defined as: - CORRECT-ANSWERS--- An Asset
What the company owes to others is defined as: - CORRECT-ANSWERS---
Liabilities
The owner's stake in the company is defined as: - CORRECT-ANSWERS---
Equity
A way of bookkeeping that tracks which accounts increase and which
decrease for a given transaction is known as: - CORRECT-ANSWERS---
Double-entry Accounting
