Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics 2024/2025 Exam Questions and Correct Answers | New Update

Intuit Academy Bookkeeping
Professional Certificate: Bookkeeping
Basics 2024/2025 Exam Questions and
Correct Answers | New Update



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 - 🧠 ANSWER ✔✔Assets- Normal

Dr balance


COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED

, Expenses- Normal Dr balance

Dividends- Normal Dr balance

Equity- Normal Cr balance

Revenue- Normal Cr balance


General Journal - 🧠 ANSWER ✔✔A list of transactions organized

chronologically


Posting to the Ledger - 🧠 ANSWER ✔✔transfer transactions entered in the

journal to the general ledger and categorize transactions by account


Accounting Cycle - 🧠 ANSWER ✔✔a collective process of identifying,

analyzing, and recording the accounting events of a company


Steps in the Accounting Cycle - 🧠 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

COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED