Intuit Academy Bookkeeping Professional Certificate Bookkeeping Basics Questions With Answers

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Bookkeeping
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Professional
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Certificate
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Bookkeeping
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Basics Questions With Answers
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The /Accounting /Principle /- /verified /answer(s)-
✔✔You /can't /mix /business /and /personal /assets /or /expenses.



Accounting /Equation /- /verified /answer(s)-
✔✔Assets /= /Liabilities /+ /Owner's /Equity

/ or

Assets /- /Liabilities /= /Owner's /Equity



Expanded /Accounting /Equation /- /verified /answer(s)-
✔✔Assets /= /Liabilities /+ /Equity /+ /Revenue /- /Expenses /- /Dividends



The /Five /Account /Types /- /verified /answer(s)-
✔✔Assets, /Liabilities, /Equity, /Revenue, /Expenses



Normal /balance /of /the /five /account /types /- /verified /answer(s)-
✔✔Assets- /Normal /Dr /balance

Expenses- /Normal /Dr /balance

, Dividends- /Normal /Dr /balance

Equity- /Normal /Cr /balance

Revenue- /Normal /Cr /balance



General /Journal /- /verified /answer(s)-
✔✔A /list /of /transactions /organized /chronologically



Posting /to /the /Ledger /- /verified /answer(s)-
✔✔transfer
/transactions


/entered


/in


/the


/journal /to /the /general /ledger /and /categorize /transactions /by /account




Accounting /Cycle /- /verified /answer(s)-
✔✔a
/collective


/process


/of


/identifying,


/analyzing, /and /recording /the /accounting /events /of /a /company




Steps /in /the /Accounting /Cycle /- /verified /answer(s)-
✔✔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