INTUIT BOOKKEEPING PROFESSIONAL
CERTIFICATE EXAM LATEST 2024-2025 (40
LATEST QUESTIONS AND VERIFIED
ANSWERS) A+ GRADE GUARANTEED
1. In bookkeeping, a signed agreement between two parties, used to document
money owed, interest, and payment timeframe is known as what? Correct
Answer: Promissary Note
2. Rent for Eternal Summer is $1,200/month , but if it is prepaid , rent is only
$12,000 for the year. If Eternal Summer pays $12,000 on January 1, how would
you book this transaction? Correct Answer: Debit prepaid rent for $12,000 and
Credit Cash rent for $12,000
3. Which path would you select in Quickbooks Online to create a sales receipt?
Correct Answer: New > Sales Receipt
4. When creating an invoice in Quickbooks Online, which path would you choose to
add a new customer? Correct Answer: Customer > Add New
5. True or False. The Direct Write-Off method of accounting for "Bad Debt"
adheres to the matching principle Correct Answer: False
6. True or False. A perprtual inventory system is one that updates the inventory
account at specified intervals Correct Answer: False
1/5
, 7. The inventory cost flow assumption which supposes that inventory flows through
the system from oldest to newest is defined as what assumption? Correct Answer:
First In, First Out (FIFO)
8. True or False. Inventory errors will self-correct after two years (assuming no
other errors occur.) Correct Answer: True
9. True or False. PP&E and expenses are treated the same when it comes to taxes.
Correct Answer: False
10. True or False. Depreciation expense is recorded on the balance sheet below
PP&E. Correct Answer: False
11. When using QBO software, depreciation expense must be entered as a Correct
Answer: Correct Answer: Journal Entry
12. A kind of lease in which ownership of the asset is intended at the end of the lease
is called Correct Answer: Correct Answer: A capital lease
13. A capital lease will show up on the profit and loss statement Correct Answer: False
14. In a lease agreement, the party that is paying rent is referred to as the Correct
Answer: Correct Answer: Lessee
15. Big Boss Building Company purchased some construction equipment to keep up
with demand. The new bookkeeper booked this as an expense , is this correct?
Correct Answer: No
16. Aubergine's Antiques took out a capital lease for a moving van to transport
heavier antiques. Will they be able to depreciate this equipment? Correct Answer:
Yes
17. Ade just purchased $75 worth of new staplers for her Honey Helpers Bees
business. She wants to book this as a noncurrent asset. Is that correct way to book
it? Correct Answer: No
2/5
CERTIFICATE EXAM LATEST 2024-2025 (40
LATEST QUESTIONS AND VERIFIED
ANSWERS) A+ GRADE GUARANTEED
1. In bookkeeping, a signed agreement between two parties, used to document
money owed, interest, and payment timeframe is known as what? Correct
Answer: Promissary Note
2. Rent for Eternal Summer is $1,200/month , but if it is prepaid , rent is only
$12,000 for the year. If Eternal Summer pays $12,000 on January 1, how would
you book this transaction? Correct Answer: Debit prepaid rent for $12,000 and
Credit Cash rent for $12,000
3. Which path would you select in Quickbooks Online to create a sales receipt?
Correct Answer: New > Sales Receipt
4. When creating an invoice in Quickbooks Online, which path would you choose to
add a new customer? Correct Answer: Customer > Add New
5. True or False. The Direct Write-Off method of accounting for "Bad Debt"
adheres to the matching principle Correct Answer: False
6. True or False. A perprtual inventory system is one that updates the inventory
account at specified intervals Correct Answer: False
1/5
, 7. The inventory cost flow assumption which supposes that inventory flows through
the system from oldest to newest is defined as what assumption? Correct Answer:
First In, First Out (FIFO)
8. True or False. Inventory errors will self-correct after two years (assuming no
other errors occur.) Correct Answer: True
9. True or False. PP&E and expenses are treated the same when it comes to taxes.
Correct Answer: False
10. True or False. Depreciation expense is recorded on the balance sheet below
PP&E. Correct Answer: False
11. When using QBO software, depreciation expense must be entered as a Correct
Answer: Correct Answer: Journal Entry
12. A kind of lease in which ownership of the asset is intended at the end of the lease
is called Correct Answer: Correct Answer: A capital lease
13. A capital lease will show up on the profit and loss statement Correct Answer: False
14. In a lease agreement, the party that is paying rent is referred to as the Correct
Answer: Correct Answer: Lessee
15. Big Boss Building Company purchased some construction equipment to keep up
with demand. The new bookkeeper booked this as an expense , is this correct?
Correct Answer: No
16. Aubergine's Antiques took out a capital lease for a moving van to transport
heavier antiques. Will they be able to depreciate this equipment? Correct Answer:
Yes
17. Ade just purchased $75 worth of new staplers for her Honey Helpers Bees
business. She wants to book this as a noncurrent asset. Is that correct way to book
it? Correct Answer: No
2/5
