INTUIT ACADEMY BOOKKEEPING PROFESSIONAL CERTIFICATE FINAL EXAM PAPER 2026 QUESTIONS WITH SOLUTIONS

INTUIT ACADEMY BOOKKEEPING
PROFESSIONAL CERTIFICATE FINAL EXAM
PAPER 2026 QUESTIONS WITH SOLUTIONS


◉ What is the accounting formula? Answer: Assets = Liabilities +
Equity + Revenue - Expenses


◉ What does DEA/LER stand for? Answer: - Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue


◉ What are the 6 steps of the Accounting-Cycle? Answer: - Collect and
Analyze Transactions
- Record/Post transactions to the ledger
- Prepare and unadjusted trial balance
- Prepare adjusting entries at the end of the period
- Prepare an adjusted trial balance
- Prepare financial statements

, ◉ What are the 4 Types of financial statements? Answer: - The income
statement
- The balance sheet
- The statement of equity
- The statement of cash flow


◉ What are the 4 types of accounting adjustments? Answer: - Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments


◉ What tasks would a bookkeeper do? Answer: - 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. Answer: - $520,000