INTUIT ACADEMY BOOKKEEPING PROFESSIONAL CERTIFICATE BOOKKEEPING BASICS QUESTIONS WITH CORRECT ANSWERS

INTUIT ACADEMY BOOKKEEPING
PROFESSIONAL CERTIFICATE:
BOOKKEEPING BASICS QUESTIONS
WITH CORRECT ANSWERS GRADED
A+ FOR 2026 ASSURED EXCEL!!
ThegAccountinggPrincipleg-ggCORRECTgANSWERS
Yougcan'tgmixgbusinessgandgpersonalgassetsgorgexpenses.



AccountinggEquationg-ggCORRECTgANSWERSAssetsg=gLiabilitiesg+gOwner'sgEquity

g or

Assetsg-gLiabilitiesg=gOwner'sgEquity



ExpandedgAccountinggEquationg-ggCORRECTgANSWERSAssetsg=gLiabilitiesg+gEquityg+gRevenueg-
gExpensesg-gDividends




ThegFivegAccountgTypesg-ggCORRECTgANSWERSAssets,gLiabilities,gEquity,gRevenue,gExpenses



Normalgbalancegofgthegfivegaccountgtypesg-ggCORRECTgANSWERSAssets-gNormalgDrgbalance

Expenses-gNormalgDrgbalance

Dividends-gNormalgDrgbalance

Equity-gNormalgCrgbalance

Revenue-gNormalgCrgbalance



GeneralgJournalg-ggCORRECTgANSWERSAglistgofgtransactionsgorganizedgchronologically

, PostinggtogthegLedgerg-
ggCORRECTgANSWERStransfergtransactionsgenteredgingthegjournalgtogtheggeneralgledgergandgcatego


rizegtransactionsgbygaccount



AccountinggCycleg-
ggCORRECTgANSWERSagcollectivegprocessgofgidentifying,ganalyzing,gandgrecordinggthegaccountingge


ventsgofgagcompany



StepsgingthegAccountinggCycleg-
ggCORRECTgANSWERS1.gCollect,ganalyze,gandgpostgtransactionsgtogthegJournal



2.gPostgtransactionsgtogthegledger

3.gPreparegangunadjustedgtrialgbalance

4.gPreparegadjustinggentriesgatgperiodgend

5.gPreparegangadjustedgtrialgbalance

6.gPreparegfinancialgstatements



Accountinggadjustmentsg-
ggCORRECTgANSWERSAgbusinessgtransactiongthatghasgnotgyetgbeengincludedgingthegaccountinggreco


rds.g

I.EgDeferrals,gdepreciation,gandgaccruals



incomegstatementg(profitgandglossgstatement)g-
ggCORRECTgANSWERSAgtypegofgfinancialgstatementgthatgdescribesgagfirm'sgrevenuesgandgexpensesg


andgindicatesgwhethergthegfirmghasgearnedgagprofitgorgsufferedgaglossgduringgaggivengperiod.



BalancegSheetg-
ggCORRECTgANSWERSAgfinancialgstatementgthatgreportsgassets,gliabilities,gandgowner'sgequitygongag


specificgdate.