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Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Questions With Verified Answers
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Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Questions With Verified Answers The Accounting Principle Correct Answer: You can't mix business and personal assets or expenses. Accounting Equation Correct Answer: Assets = Liabilities + Owner's Equity or Assets - L...

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  • September 1, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Intuit Bookkeeping
  • Intuit Bookkeeping

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Intuit Academy Bookkeeping Professional
Certificate: Bookkeeping Basics Questions With
Verified Answers

The Accounting Principle Correct Answer: You can't mix business and personal assets

or expenses.



Accounting Equation Correct Answer: Assets = Liabilities + Owner's Equity

or

Assets - Liabilities = Owner's Equity

Steps in the Accounting Cycle Correct Answer: 1. 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 Correct Answer: A business transaction that has not yet been

included in the accounting records.

I.E Deferrals, depreciation, and accruals

, income statement (profit and loss statement) Correct Answer: A type of financial

statement that describes a firm's revenues and expenses and indicates whether the firm

has earned a profit or suffered a loss during a given period.



Balance Sheet Correct Answer: A financial statement that reports assets, liabilities, and

owner's equity on a specific date.



Statement of Equity Correct Answer: Reports changes in company equity from

beginning to period end



Cash Flow Statement Correct Answer: Reports the sources and uses of cash by a

business



Undeposited Funds Correct Answer: a temporary account that holds payments you plan

to deposit later



Credit Memo Correct Answer: Payment for a cancelled service gets applied to the

clients next job



Gross Profit Correct Answer: Revenue - cost of goods sold



Operating Profit Correct Answer: Gross Profit - Expenses

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