INTUIT ACADEMY BOOKKEEPING
PROFESSIONAL CERTIFICATE:
BOOKKEEPING BASICS. EXAM
2025/2026 QUESTIONS AND ANSWERS
100% PASS
The Accounting Principle - ANS You can't mix business and personal assets or expenses.
Accounting Equation - ANS Assets = Liabilities + Owner's Equity
or
Assets - Liabilities = Owner's Equity
Expanded Accounting Equation - ANS Assets = Liabilities + Equity + Revenue - Expenses -
Dividends
The Five Account Types - ANS Assets, Liabilities, Equity, Revenue, Expenses
Normal balance of the five account types - ANS Assets- Normal Dr balance
Expenses- Normal Dr balance
Dividends- Normal Dr balance
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Equity- Normal Cr balance
Revenue- Normal Cr balance
General Journal - ANS A list of transactions organized chronologically
Posting to the Ledger - ANS transfer transactions entered in the journal to the general ledger
and categorize transactions by account
Accounting Cycle - ANS a collective process of identifying, analyzing, and recording the
accounting events of a company
Steps in the Accounting Cycle - ANS 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 - ANS 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) - ANS 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 - ANS A financial statement that reports assets, liabilities, and owner's equity
on a specific date.
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
PROFESSIONAL CERTIFICATE:
BOOKKEEPING BASICS. EXAM
2025/2026 QUESTIONS AND ANSWERS
100% PASS
The Accounting Principle - ANS You can't mix business and personal assets or expenses.
Accounting Equation - ANS Assets = Liabilities + Owner's Equity
or
Assets - Liabilities = Owner's Equity
Expanded Accounting Equation - ANS Assets = Liabilities + Equity + Revenue - Expenses -
Dividends
The Five Account Types - ANS Assets, Liabilities, Equity, Revenue, Expenses
Normal balance of the five account types - ANS Assets- Normal Dr balance
Expenses- Normal Dr balance
Dividends- Normal Dr balance
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Equity- Normal Cr balance
Revenue- Normal Cr balance
General Journal - ANS A list of transactions organized chronologically
Posting to the Ledger - ANS transfer transactions entered in the journal to the general ledger
and categorize transactions by account
Accounting Cycle - ANS a collective process of identifying, analyzing, and recording the
accounting events of a company
Steps in the Accounting Cycle - ANS 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 - ANS 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) - ANS 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 - ANS A financial statement that reports assets, liabilities, and owner's equity
on a specific date.
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
