Exam (elaborations)
Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Questions and Answers
- Course
- Institution
Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics
[Show more]
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Dreamer252. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now