BOOKKEEPING CLASS BY INTUIT QUESTIONS
WITH CORRECT ANSWERS 2026-2027
Bookkeepers typically... - CORRECT ANSWER -
Record financial transactions, reconcile bank accounts, manage accounts receivable, manage
accounts payable, work with tax preparers and assist with tax compliance, and generate fin
ancial statements.
As a bookkeeper what would Honesty mean? - CORRECT ANSWER -
Reporting financial data accordingly and timley, owning up to and trying ti fix any mistakes,
and being open and transparent with clients about their business.
As a bookkeeper what would Objectivity mean? - CORRECT ANSWER -
Not taking any jobs/ clients that could pose conflict of interest, not allowing outside parties
to influence findings, not letting personal bias get in the way of your performance.
As a bookkeeper what would Confidentiality mean? - CORRECT ANSWER -
Not discussing business details outside of the job and NEVER using inside information for p
ersonal gain.
As a bookkeeper what would Profesionalism mean? - CORRECT ANSWER -
Being considerate of clients needs/ time, avoiding personal/profesional activities that could
bring shame to profession/business, maintaining proper credentials, and keeping skills throu
gh continuing education.
What is the Accounting Equation - CORRECT ANSWER -Assets=Liability+Equity
What are some examples of a Liability? - CORRECT ANSWER -
Morgage,(money owed to a lender)
Credit Card(s)- (money borrowed from bank with expectation of paying it back)
Payroll or sales tax owed to a government-
(most business will owe one or more types of taxes to federal, state, or local governments)
, What are some examples of an Asset? - CORRECT ANSWER -Accounts Receivable-
(money owed to the business by customers)
Investments in other companies-( potentially sell for cash)
What are some examples of Equity? - CORRECT ANSWER -
Money invested into the company by one or more owners
Double-Entry Accounting - CORRECT ANSWER -
A common way to record transactions records which accounts increase and decrease. Recor
ded in debit and credit columns. (Totals HAVE to be balanced)
What side can debits and credits be found on? - CORRECT ANSWER -Debits are on the left
Credits are on the right
How do you know if something is a Debit or a Credit? - CORRECT ANSWER -
Ask yourself, What kind of account are we looking at? and Is the balance increasing or decr
easing?
What are the 5 account types? - CORRECT ANSWER -Assets
Liability
Equity
Revenue
Expenses
What is the expanded Accounting Equation? - CORRECT ANSWER -
{Assets=Liabilities+Equity}+[Revenues-Expences]
{Balance Sheet} [Income statement]
WITH CORRECT ANSWERS 2026-2027
Bookkeepers typically... - CORRECT ANSWER -
Record financial transactions, reconcile bank accounts, manage accounts receivable, manage
accounts payable, work with tax preparers and assist with tax compliance, and generate fin
ancial statements.
As a bookkeeper what would Honesty mean? - CORRECT ANSWER -
Reporting financial data accordingly and timley, owning up to and trying ti fix any mistakes,
and being open and transparent with clients about their business.
As a bookkeeper what would Objectivity mean? - CORRECT ANSWER -
Not taking any jobs/ clients that could pose conflict of interest, not allowing outside parties
to influence findings, not letting personal bias get in the way of your performance.
As a bookkeeper what would Confidentiality mean? - CORRECT ANSWER -
Not discussing business details outside of the job and NEVER using inside information for p
ersonal gain.
As a bookkeeper what would Profesionalism mean? - CORRECT ANSWER -
Being considerate of clients needs/ time, avoiding personal/profesional activities that could
bring shame to profession/business, maintaining proper credentials, and keeping skills throu
gh continuing education.
What is the Accounting Equation - CORRECT ANSWER -Assets=Liability+Equity
What are some examples of a Liability? - CORRECT ANSWER -
Morgage,(money owed to a lender)
Credit Card(s)- (money borrowed from bank with expectation of paying it back)
Payroll or sales tax owed to a government-
(most business will owe one or more types of taxes to federal, state, or local governments)
, What are some examples of an Asset? - CORRECT ANSWER -Accounts Receivable-
(money owed to the business by customers)
Investments in other companies-( potentially sell for cash)
What are some examples of Equity? - CORRECT ANSWER -
Money invested into the company by one or more owners
Double-Entry Accounting - CORRECT ANSWER -
A common way to record transactions records which accounts increase and decrease. Recor
ded in debit and credit columns. (Totals HAVE to be balanced)
What side can debits and credits be found on? - CORRECT ANSWER -Debits are on the left
Credits are on the right
How do you know if something is a Debit or a Credit? - CORRECT ANSWER -
Ask yourself, What kind of account are we looking at? and Is the balance increasing or decr
easing?
What are the 5 account types? - CORRECT ANSWER -Assets
Liability
Equity
Revenue
Expenses
What is the expanded Accounting Equation? - CORRECT ANSWER -
{Assets=Liabilities+Equity}+[Revenues-Expences]
{Balance Sheet} [Income statement]
