Exam (elaborations)

Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Questions Exam With Solutions 100% Correct

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Bookkeeping

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Bookkeeping

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Uploaded on September 15, 2024
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intuit academy bookkeeping professional
certificate bookkeeping basics questions exam
with solutions 100 correct

Institution Bookkeeping
Course Bookkeeping

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Intuit Academy Bookkeeping Professional
Certificate: Bookkeeping Basics Questions
Exam With Solutions 100% Correct

The Accounting Principle You can't mix business and personal assets or expenses.

Accounting Equation Assets = Liabilities + Owner's Equity

or

Assets - Liabilities = Owner's Equity

Expanded Accounting Equation Assets = Liabilities + Equity + Revenue - Expenses -

Dividends

The Five Account Types Assets, Liabilities, Equity, Revenue, Expenses

Normal balance of the five account types Assets- Normal Dr balance

Expenses- Normal Dr balance

Dividends- Normal Dr balance

Equity- Normal Cr balance

, Intuit Academy Bookkeeping Professional
Certificate: Bookkeeping Basics Questions
Exam With Solutions 100% Correct
Revenue- Normal Cr balance

General Journal A list of transactions organized chronologically

Posting to the Ledger transfer transactions entered in the journal to the general ledger and

categorize transactions by account

Accounting Cycle a collective process of identifying, analyzing, and recording the

accounting events of a company

Steps in the Accounting Cycle 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

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Exam (elaborations)

Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Questions Exam With Solutions 100% Correct

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