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INTUIT ACADEMY BOOKKEEPING
PROFESSIONAL CERTIFICATE (BOOKKEEPING
BASICS) EXAM QUESTIONS AND CORRECT
ANSWERS ALREADY GRADED A+|| LATEST 2024-
2025 UPDATE ASSURED PASS!!!
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
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
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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
Accounting adjustments - ANSWER: A business transaction that has not yet been
included in the accounting records.
I.E Deferrals, depreciation, and accruals
income statement (profit and loss statement) - ANSWER: A type of financial
statement that describes a firm's revenues and expenses and indicates whether the
firm has earned a profit or suffered a loss during a given period.
Balance Sheet - ANSWER: A financial statement that reports assets, liabilities,
and owner's equity on a specific date.
Statement of Equity - ANSWER: Reports changes in company equity from
beginning to period end
INTUIT ACADEMY BOOKKEEPING
PROFESSIONAL CERTIFICATE (BOOKKEEPING
BASICS) EXAM QUESTIONS AND CORRECT
ANSWERS ALREADY GRADED A+|| LATEST 2024-
2025 UPDATE ASSURED PASS!!!
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
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
, 2|Page
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
Accounting adjustments - ANSWER: A business transaction that has not yet been
included in the accounting records.
I.E Deferrals, depreciation, and accruals
income statement (profit and loss statement) - ANSWER: A type of financial
statement that describes a firm's revenues and expenses and indicates whether the
firm has earned a profit or suffered a loss during a given period.
Balance Sheet - ANSWER: A financial statement that reports assets, liabilities,
and owner's equity on a specific date.
Statement of Equity - ANSWER: Reports changes in company equity from
beginning to period end
