INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE Exam Questions and
Answers | 2026 Simplified Cheat Sheet |
A+ Verified
• The Accounting Principle. CORRECT ANSWER: You can't mix business and
personal assets or expenses.
• Accounting Equation. CORRECT ANSWER: Assets = Liabilities + Owner's
Equity
or
Assets - Liabilities = Owner's Equity
• Expanded Accounting Equation. CORRECT ANSWER: Assets = Liabilities +
Equity + Revenue - Expenses - Dividends
• The Five Account Types. CORRECT ANSWER: Assets, Liabilities, Equity,
Revenue, Expenses
• Normal balance of the five account types. CORRECT ANSWER: Assets- Normal
Dr balance
Expenses- Normal Dr balance
Dividends- Normal Dr balance
Equity- Normal Cr balance
Revenue- Normal Cr balance
• General Journal. CORRECT ANSWER: A list of transactions organized
chronologically
, • Posting to the Ledger. CORRECT ANSWER: transfer transactions entered in the
journal to the general ledger and categorize transactions by account
• Accounting Cycle. CORRECT ANSWER: a collective process of identifying,
analyzing, and recording the accounting events of a company
• Steps in the Accounting Cycle. CORRECT ANSWER: 1. Collect, analyze, and
post transactions to the Journal
2. Post transactions to the ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusting entries at period end
5. Prepare an adjusted trial balance
6. Prepare financial statements
• Accounting adjustments. CORRECT ANSWER: A business transaction that has
not yet been included in the accounting records.
I.E Deferrals, depreciation, and accruals
• income statement (profit and loss statement). CORRECT ANSWER: A type of
financial statement that describes a firm's revenues and expenses and indicates
whether the firm has earned a profit or suffered a loss during a given period.
• Balance Sheet. CORRECT ANSWER: A financial statement that reports assets,
liabilities, and owner's equity on a specific date.
• Statement of Equity. CORRECT ANSWER: Reports changes in company equity
from beginning to period end
CERTIFICATE Exam Questions and
Answers | 2026 Simplified Cheat Sheet |
A+ Verified
• The Accounting Principle. CORRECT ANSWER: You can't mix business and
personal assets or expenses.
• Accounting Equation. CORRECT ANSWER: Assets = Liabilities + Owner's
Equity
or
Assets - Liabilities = Owner's Equity
• Expanded Accounting Equation. CORRECT ANSWER: Assets = Liabilities +
Equity + Revenue - Expenses - Dividends
• The Five Account Types. CORRECT ANSWER: Assets, Liabilities, Equity,
Revenue, Expenses
• Normal balance of the five account types. CORRECT ANSWER: Assets- Normal
Dr balance
Expenses- Normal Dr balance
Dividends- Normal Dr balance
Equity- Normal Cr balance
Revenue- Normal Cr balance
• General Journal. CORRECT ANSWER: A list of transactions organized
chronologically
, • Posting to the Ledger. CORRECT ANSWER: transfer transactions entered in the
journal to the general ledger and categorize transactions by account
• Accounting Cycle. CORRECT ANSWER: a collective process of identifying,
analyzing, and recording the accounting events of a company
• Steps in the Accounting Cycle. CORRECT ANSWER: 1. Collect, analyze, and
post transactions to the Journal
2. Post transactions to the ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusting entries at period end
5. Prepare an adjusted trial balance
6. Prepare financial statements
• Accounting adjustments. CORRECT ANSWER: A business transaction that has
not yet been included in the accounting records.
I.E Deferrals, depreciation, and accruals
• income statement (profit and loss statement). CORRECT ANSWER: A type of
financial statement that describes a firm's revenues and expenses and indicates
whether the firm has earned a profit or suffered a loss during a given period.
• Balance Sheet. CORRECT ANSWER: A financial statement that reports assets,
liabilities, and owner's equity on a specific date.
• Statement of Equity. CORRECT ANSWER: Reports changes in company equity
from beginning to period end
