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

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