Intuit Academy Bookkeeping Professional Certificate
2026-2027 ACTUAL EXAM Newest 2026-2027
Complete 120 Questions and Correct Detailed
Answers (Verified Answers) Already Graded A+
Brand New Version!!
A Balance Sheet has four parts: a heading, assets, liabilities, and ______. - CORRECT
ANSWER: - equity
A business owner performs a service and is paid when the job is performed. The owner would
then enter this transaction into accounting software as: - CORRECT ANSWER: - A Sales
Receipt
A business owner performs a service but is not paid when the job is performed. Using their
accounting software, the owner would enter the transaction as: - CORRECT ANSWER: - An
Invoice
A company is considered a Going Concern when it: - CORRECT ANSWER: - Is stable, able to
operate and able to meet its financial obligations.
A customer paid in advance for a service. They need to cancel the service. If the business owner
wishes to apply that money towards the customer's next service, the owner would enter that
transaction into their accounting software as: - CORRECT ANSWER: - A Credit Memo
A form or statement that lists the titles and balances of all ledger accounts at a given date is
known as: - CORRECT ANSWER: - Trial balance
A listing of the names of the accounts that a company has identified and made available for
recording transactions in its general ledger is known as a: - CORRECT ANSWER: - Chart of
Accounts
, A sales manager purchases office supplies with the company credit card. This transaction
impacts the accounts payable and the office supplies accounts. In your journal entry, which
account do you credit? - CORRECT ANSWER: - Accounts payable
A schedule that contains all accounts needed to prepare financial statements is known as: -
CORRECT ANSWER: - The General Ledger
A seasonal business like Lou's Landscaping can have decreased cash during off-season months.
Which financial statement would show the cash inflows and outflows for a particular month? -
CORRECT ANSWER: - Cash Flow Statement
A trial balance that is prepared after taking into account all the adjusting entries is known as: -
CORRECT ANSWER: - Adjusted Trial Balance
A trial balance where total debits equal total credits indicates: - CORRECT ANSWER: - The
ledger is in balance.
A way of bookkeeping that tracks which accounts increase and which decrease for a given
transaction is known as: - CORRECT ANSWER: - Double-entry Accounting
According to the Revenue Recognition Principle, when should a business recognize its revenue?
- CORRECT ANSWER: - When it is earned
Accounts payable would be an example of what kind of account? - CORRECT ANSWER: - A
liability account.
Accounts receivable would be an example of what kind of account? - CORRECT ANSWER: -
An asset account.
2026-2027 ACTUAL EXAM Newest 2026-2027
Complete 120 Questions and Correct Detailed
Answers (Verified Answers) Already Graded A+
Brand New Version!!
A Balance Sheet has four parts: a heading, assets, liabilities, and ______. - CORRECT
ANSWER: - equity
A business owner performs a service and is paid when the job is performed. The owner would
then enter this transaction into accounting software as: - CORRECT ANSWER: - A Sales
Receipt
A business owner performs a service but is not paid when the job is performed. Using their
accounting software, the owner would enter the transaction as: - CORRECT ANSWER: - An
Invoice
A company is considered a Going Concern when it: - CORRECT ANSWER: - Is stable, able to
operate and able to meet its financial obligations.
A customer paid in advance for a service. They need to cancel the service. If the business owner
wishes to apply that money towards the customer's next service, the owner would enter that
transaction into their accounting software as: - CORRECT ANSWER: - A Credit Memo
A form or statement that lists the titles and balances of all ledger accounts at a given date is
known as: - CORRECT ANSWER: - Trial balance
A listing of the names of the accounts that a company has identified and made available for
recording transactions in its general ledger is known as a: - CORRECT ANSWER: - Chart of
Accounts
, A sales manager purchases office supplies with the company credit card. This transaction
impacts the accounts payable and the office supplies accounts. In your journal entry, which
account do you credit? - CORRECT ANSWER: - Accounts payable
A schedule that contains all accounts needed to prepare financial statements is known as: -
CORRECT ANSWER: - The General Ledger
A seasonal business like Lou's Landscaping can have decreased cash during off-season months.
Which financial statement would show the cash inflows and outflows for a particular month? -
CORRECT ANSWER: - Cash Flow Statement
A trial balance that is prepared after taking into account all the adjusting entries is known as: -
CORRECT ANSWER: - Adjusted Trial Balance
A trial balance where total debits equal total credits indicates: - CORRECT ANSWER: - The
ledger is in balance.
A way of bookkeeping that tracks which accounts increase and which decrease for a given
transaction is known as: - CORRECT ANSWER: - Double-entry Accounting
According to the Revenue Recognition Principle, when should a business recognize its revenue?
- CORRECT ANSWER: - When it is earned
Accounts payable would be an example of what kind of account? - CORRECT ANSWER: - A
liability account.
Accounts receivable would be an example of what kind of account? - CORRECT ANSWER: -
An asset account.
