Exam (elaborations)
Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Questions and Answers
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Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics
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Intuit Academy BookkeepingProfessional Certificate: Bookkeeping
Basics
The Accounting Principle - answer You can't mix business and personal assets or
expenses.
Accounting Equation - answer Assets = Liabilities + Owner's Equity
or
Assets - Liabilities = Owner's Equity
Expanded Accounting Equation - answer Assets = Liabilities + Equity + Revenue -
Expenses - Dividends
The Five Account Types - answer Assets, Liabilities, Equity, Revenue, Expenses
Normal balance of the five account types - answerAssets- Normal Dr balance
Expenses- Normal Dr balance
Dividends- Normal Dr balance
Equity- Normal Cr balance
Revenue- Normal Cr balance
General Journal - answerA list of transactions organized chronologically
Posting to the Ledger - answertransfer transactions entered in the journal to the general
ledger and categorize transactions by account
Accounting Cycle - answera collective process of identifying, analyzing, and recording
the accounting events of a company
Steps in the Accounting Cycle - answer1. 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 - answerA business transaction that has not yet been included
in the accounting records.
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