Intuit Academy Bookkeeping
Professional Certificate: Bookkeeping
Basics
Accounting modifications - ANS-A commercial enterprise transaction that has no longer but
been protected in the accounting data.
I.E Deferrals, depreciation, and accruals
Accounting Cycle - ANS-a collective process of identifying, analyzing, and recording the
accounting activities of a employer
Accounting Equation - ANS-Assets = Liabilities + Owner's Equity
or
Assets - Liabilities = Owner's Equity
Accrual Basis Accounting - ANS-sales is mentioned whilst earned and fees are suggested
whilst incurred.
Balance Sheet - ANS-A financial assertion that reviews assets, liabilities, and proprietor's
fairness on a particular date.
Cash Basis Accounting - ANS-Revenue is identified when revenue is obtained and fees are
recognized while payed out
Cash Flow Statement - ANS-Reports the resources and uses of coins by way of a business
Conservatism Assumption - ANS-When bookkeepers or accountants are unsure and want to
decide how to document an object, they should pick the choice that shows less profits or
asset advantage (Potential losses can be recorded but capability gains can't)
Consistency Principle - ANS-A business will adopt an accounting approach and use the
same approach for similar objects within the destiny. Methods are simplest changed if it
improves reporting.
Credit Memo - ANS-Payment for a cancelled provider receives carried out to the clients
subsequent task
Economic Entity Assumption - ANS-Business and owner are separate entities. Business and
private finance ought to be separate.
Expanded Accounting Equation - ANS-Assets = Liabilities + Equity + Revenue - Expenses -
Dividends
Full Disclosure Assumption - ANS-All information this is relative to the commercial enterprise
and is crucial to a lender or investor has to be disclosed in a financial declaration or
statement notes
General Journal - ANS-A list of transactions organized chronologically
Going Concern - ANS-A company is strong and can meet it's responsibilities for the
foreseeable future.
Going Concern Assumption - ANS-When a agency is no longer a going situation it ought to
document the problems it is having inclusive of ongoing losses, credit score denial and
complaints.
Gross Profit - ANS-Revenue - fee of products offered
Professional Certificate: Bookkeeping
Basics
Accounting modifications - ANS-A commercial enterprise transaction that has no longer but
been protected in the accounting data.
I.E Deferrals, depreciation, and accruals
Accounting Cycle - ANS-a collective process of identifying, analyzing, and recording the
accounting activities of a employer
Accounting Equation - ANS-Assets = Liabilities + Owner's Equity
or
Assets - Liabilities = Owner's Equity
Accrual Basis Accounting - ANS-sales is mentioned whilst earned and fees are suggested
whilst incurred.
Balance Sheet - ANS-A financial assertion that reviews assets, liabilities, and proprietor's
fairness on a particular date.
Cash Basis Accounting - ANS-Revenue is identified when revenue is obtained and fees are
recognized while payed out
Cash Flow Statement - ANS-Reports the resources and uses of coins by way of a business
Conservatism Assumption - ANS-When bookkeepers or accountants are unsure and want to
decide how to document an object, they should pick the choice that shows less profits or
asset advantage (Potential losses can be recorded but capability gains can't)
Consistency Principle - ANS-A business will adopt an accounting approach and use the
same approach for similar objects within the destiny. Methods are simplest changed if it
improves reporting.
Credit Memo - ANS-Payment for a cancelled provider receives carried out to the clients
subsequent task
Economic Entity Assumption - ANS-Business and owner are separate entities. Business and
private finance ought to be separate.
Expanded Accounting Equation - ANS-Assets = Liabilities + Equity + Revenue - Expenses -
Dividends
Full Disclosure Assumption - ANS-All information this is relative to the commercial enterprise
and is crucial to a lender or investor has to be disclosed in a financial declaration or
statement notes
General Journal - ANS-A list of transactions organized chronologically
Going Concern - ANS-A company is strong and can meet it's responsibilities for the
foreseeable future.
Going Concern Assumption - ANS-When a agency is no longer a going situation it ought to
document the problems it is having inclusive of ongoing losses, credit score denial and
complaints.
Gross Profit - ANS-Revenue - fee of products offered
