Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Exam Q’s and A’s(Intuit Academy Bookkeeping Professional Certificate)

Intuit Academy Bookkeeping Professional
Certificate: Bookkeeping Basics Exam Q’s and
A’s(Intuit Academy Bookkeeping Professional
Certificate)
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
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

-Accounting adjustments - -A business transaction that has not yet been
included in the accounting records.
I.E Deferrals, depreciation, and accruals