INTUIT BOOKKEEPING EXAM UPDATE 2026/2027 QUESTIONS AND CORRECT ANSWERS RATED A+ GUARANTEED PASS

INTUIT BOOKKEEPING EXAM UPDATE 2026/2027 QUESTIONS
AND CORRECT ANSWERS RATED A+ GUARANTEED PASS




An inventory system that continuously update the inventory
account
Perpetual




An inventory system that updates the inventory account only at
specified intervals
Periodic




Inventory Cost Flows
FIFO, LIFO, and Average Cost




First-In, First-Out (FIFO)
Method to assign cost to inventory that assumes items are
sold in the order acquired; earliest items purchased are the
first sold.

,Last in, First out (LIFO)
Method to assign cost to inventory that assumes costs for the
most recent items purchased are sold first and charged to
cost of goods sold.




Average Cost
All items in the inventory are priced at their average cost




Closing Inventory
Closing Inventory=Cost of Goods Available- COGS




COGS equation
BI(Beginning Inventory) + COGP (Cost of Goods Purchased) -
EI (Ending Inventory) = COGS




Fixing Journals Entries
Reverse journal entry or reproduce financial statements

, Details the error and corrections you made to the income
statement and balance sheet
Disclosure




PP&E (Plants, Property, and Equipment), Trademarks, and
long-term investments
Non-Current Assets




The same amount of depreciation expense is recorded each
accounting period, during an asset's servicing life
Straight-Line Depreciation




The asset is used more earlier in its life so you would
depreciate more in year 2 than year 4
Accelerated Depreciation