Exam (elaborations)

Intuit Academy Bookkeeping Professional Certificate Bookkeeping Basics Questions with Correct Answers 2025

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Intuit Academy Bookkeeping Professional Certificate Bookkeeping Basics Questions with Correct Answers 2025

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Intuit Bookkeeping

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Intuit Bookkeeping

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Institution: Intuit Bookkeeping
Course: Intuit Bookkeeping

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Uploaded on: March 19, 2025
Number of pages: 5
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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intuit academy bookkeeping professional certificat

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Intuit Academy Bookkeeping Professional
Certificate: Bookkeeping Basics Questions
with Correct Answers 2025
TheMAccountingMPrincipleM-MCORRECTMANSWERM-
YouMcan'tMmixMbusinessMandMpersonalMassetsMorMexpenses.

AccountingMEquationM-MCORRECTMANSWERM-AssetsM=MLiabilitiesM+MOwner'sMEquity

M or

AssetsM-MLiabilitiesM=MOwner'sMEquity

ExpandedMAccountingMEquationM-MCORRECTMANSWERM-AssetsM=MLiabilitiesM+MEquityM+MRevenueM-
MExpensesM-MDividends

TheMFiveMAccountMTypesM-MCORRECTMANSWERM-Assets,MLiabilities,MEquity,MRevenue,MExpenses

NormalMbalanceMofMtheMfiveMaccountMtypesM-MCORRECTMANSWERM-Assets-MNormalMDrMbalance

Expenses-MNormalMDrMbalance

Dividends-MNormalMDrMbalance

Equity-MNormalMCrMbalance

Revenue-MNormalMCrMbalance

GeneralMJournalM-MCORRECTMANSWERM-AMlistMofMtransactionsMorganizedMchronologically

PostingMtoMtheMLedgerM-MCORRECTMANSWERM-
transferMtransactionsMenteredMinMtheMjournalMtoMtheMgeneralMledgerMandMcategorizeMtransaction
sMbyMaccount

, AccountingMCycleM-MCORRECTMANSWERM-
aMcollectiveMprocessMofMidentifying,Manalyzing,MandMrecordingMtheMaccountingMeventsMofMaMcomp
any

StepsMinMtheMAccountingMCycleM-MCORRECTMANSWERM-
1.MCollect,Manalyze,MandMpostMtransactionsMtoMtheMJournal

2.MPostMtransactionsMtoMtheMledger

3.MPrepareManMunadjustedMtrialMbalance

4.MPrepareMadjustingMentriesMatMperiodMend

5.MPrepareManMadjustedMtrialMbalance

6.MPrepareMfinancialMstatements

AccountingMadjustmentsM-MCORRECTMANSWERM-
AMbusinessMtransactionMthatMhasMnotMyetMbeenMincludedMinMtheMaccountingMrecords.M

I.EMDeferrals,Mdepreciation,MandMaccruals

incomeMstatementM(profitMandMlossMstatement)M-MCORRECTMANSWERM-
AMtypeMofMfinancialMstatementMthatMdescribesMaMfirm'sMrevenuesMandMexpensesMandMindicatesMw
hetherMtheMfirmMhasMearnedMaMprofitMorMsufferedMaMlossMduringMaMgivenMperiod.

BalanceMSheetM-MCORRECTMANSWERM-
AMfinancialMstatementMthatMreportsMassets,Mliabilities,MandMowner'sMequityMonMaMspecificMdate.

StatementMofMEquityM-MCORRECTMANSWERM-
ReportsMchangesMinMcompanyMequityMfromMbeginningMtoMperiodMend

CashMFlowMStatementM-MCORRECTMANSWERM-
ReportsMtheMsourcesMandMusesMofMcashMbyMaMbusiness

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Intuit Academy Bookkeeping Professional Certificate Bookkeeping Basics Questions with Correct Answers 2025

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