INTUIT ACADEMY BOOKKEEPING PROFESSIONAL
CERTIFICATE; BOOKKEEPING BASICS
ANSWER: The Accounting Principle Personal and business assets and
expenses cannot be combined.
Answer to the Accounting Equation: Assets = Liabilities + Owner's Equity
Owner's equity is equal to assets less liabilities.
ANSWER: Assets = Liabilities + Equity + Revenue - Expenses - Dividends is
the expanded accounting equation.
The Five Types of Accounts: ANSWER Revenue, Expenses, Equity, Liabilities,
and Assets
The five categories of accounts' typical balances ANSWER Assets: Standard
Dr. balance
Costs: Standard Dr. balance
Dividends: Standard Dr. equilibrium
Equity: Normal balance of Cr
Revenue: Normal balance in Cr
ANSWER in the General Journal Transactions listed in chronological order
Transferring Journal Transactions to the General Ledger and Classifying Them
by Account Posting to the Ledger ANSWER
Accounting Cycle: ANSWER: a group procedure for determining, evaluating,
and documenting a company's accounting events
The Accounting Cycle's Steps: A ANSWER Obtain, examine, and record
transactions in the journal. Secondly, record transactions in the ledger.
3. Create a trial balance that isn't altered.
4. At the conclusion of the quarter, prepare adjustment entries.
5. Create a modified trial balance.
CERTIFICATE; BOOKKEEPING BASICS
ANSWER: The Accounting Principle Personal and business assets and
expenses cannot be combined.
Answer to the Accounting Equation: Assets = Liabilities + Owner's Equity
Owner's equity is equal to assets less liabilities.
ANSWER: Assets = Liabilities + Equity + Revenue - Expenses - Dividends is
the expanded accounting equation.
The Five Types of Accounts: ANSWER Revenue, Expenses, Equity, Liabilities,
and Assets
The five categories of accounts' typical balances ANSWER Assets: Standard
Dr. balance
Costs: Standard Dr. balance
Dividends: Standard Dr. equilibrium
Equity: Normal balance of Cr
Revenue: Normal balance in Cr
ANSWER in the General Journal Transactions listed in chronological order
Transferring Journal Transactions to the General Ledger and Classifying Them
by Account Posting to the Ledger ANSWER
Accounting Cycle: ANSWER: a group procedure for determining, evaluating,
and documenting a company's accounting events
The Accounting Cycle's Steps: A ANSWER Obtain, examine, and record
transactions in the journal. Secondly, record transactions in the ledger.
3. Create a trial balance that isn't altered.
4. At the conclusion of the quarter, prepare adjustment entries.
5. Create a modified trial balance.
