INTUIT ACADEMY BOOKKEEPING
PROFESSIONAL CERTIFICATE:
BOOKKEEPING BASICS QUESTIONS
WITH CORRECT ANSWERS GRADED
A+ FOR 2026 ASSURED EXCEL!!
ThegAccountinggPrincipleg-ggCORRECTgANSWERS
Yougcan'tgmixgbusinessgandgpersonalgassetsgorgexpenses.
AccountinggEquationg-ggCORRECTgANSWERSAssetsg=gLiabilitiesg+gOwner'sgEquity
g or
Assetsg-gLiabilitiesg=gOwner'sgEquity
ExpandedgAccountinggEquationg-ggCORRECTgANSWERSAssetsg=gLiabilitiesg+gEquityg+gRevenueg-
gExpensesg-gDividends
ThegFivegAccountgTypesg-ggCORRECTgANSWERSAssets,gLiabilities,gEquity,gRevenue,gExpenses
Normalgbalancegofgthegfivegaccountgtypesg-ggCORRECTgANSWERSAssets-gNormalgDrgbalance
Expenses-gNormalgDrgbalance
Dividends-gNormalgDrgbalance
Equity-gNormalgCrgbalance
Revenue-gNormalgCrgbalance
GeneralgJournalg-ggCORRECTgANSWERSAglistgofgtransactionsgorganizedgchronologically
, PostinggtogthegLedgerg-
ggCORRECTgANSWERStransfergtransactionsgenteredgingthegjournalgtogtheggeneralgledgergandgcatego
rizegtransactionsgbygaccount
AccountinggCycleg-
ggCORRECTgANSWERSagcollectivegprocessgofgidentifying,ganalyzing,gandgrecordinggthegaccountingge
ventsgofgagcompany
StepsgingthegAccountinggCycleg-
ggCORRECTgANSWERS1.gCollect,ganalyze,gandgpostgtransactionsgtogthegJournal
2.gPostgtransactionsgtogthegledger
3.gPreparegangunadjustedgtrialgbalance
4.gPreparegadjustinggentriesgatgperiodgend
5.gPreparegangadjustedgtrialgbalance
6.gPreparegfinancialgstatements
Accountinggadjustmentsg-
ggCORRECTgANSWERSAgbusinessgtransactiongthatghasgnotgyetgbeengincludedgingthegaccountinggreco
rds.g
I.EgDeferrals,gdepreciation,gandgaccruals
incomegstatementg(profitgandglossgstatement)g-
ggCORRECTgANSWERSAgtypegofgfinancialgstatementgthatgdescribesgagfirm'sgrevenuesgandgexpensesg
andgindicatesgwhethergthegfirmghasgearnedgagprofitgorgsufferedgaglossgduringgaggivengperiod.
BalancegSheetg-
ggCORRECTgANSWERSAgfinancialgstatementgthatgreportsgassets,gliabilities,gandgowner'sgequitygongag
specificgdate.
PROFESSIONAL CERTIFICATE:
BOOKKEEPING BASICS QUESTIONS
WITH CORRECT ANSWERS GRADED
A+ FOR 2026 ASSURED EXCEL!!
ThegAccountinggPrincipleg-ggCORRECTgANSWERS
Yougcan'tgmixgbusinessgandgpersonalgassetsgorgexpenses.
AccountinggEquationg-ggCORRECTgANSWERSAssetsg=gLiabilitiesg+gOwner'sgEquity
g or
Assetsg-gLiabilitiesg=gOwner'sgEquity
ExpandedgAccountinggEquationg-ggCORRECTgANSWERSAssetsg=gLiabilitiesg+gEquityg+gRevenueg-
gExpensesg-gDividends
ThegFivegAccountgTypesg-ggCORRECTgANSWERSAssets,gLiabilities,gEquity,gRevenue,gExpenses
Normalgbalancegofgthegfivegaccountgtypesg-ggCORRECTgANSWERSAssets-gNormalgDrgbalance
Expenses-gNormalgDrgbalance
Dividends-gNormalgDrgbalance
Equity-gNormalgCrgbalance
Revenue-gNormalgCrgbalance
GeneralgJournalg-ggCORRECTgANSWERSAglistgofgtransactionsgorganizedgchronologically
, PostinggtogthegLedgerg-
ggCORRECTgANSWERStransfergtransactionsgenteredgingthegjournalgtogtheggeneralgledgergandgcatego
rizegtransactionsgbygaccount
AccountinggCycleg-
ggCORRECTgANSWERSagcollectivegprocessgofgidentifying,ganalyzing,gandgrecordinggthegaccountingge
ventsgofgagcompany
StepsgingthegAccountinggCycleg-
ggCORRECTgANSWERS1.gCollect,ganalyze,gandgpostgtransactionsgtogthegJournal
2.gPostgtransactionsgtogthegledger
3.gPreparegangunadjustedgtrialgbalance
4.gPreparegadjustinggentriesgatgperiodgend
5.gPreparegangadjustedgtrialgbalance
6.gPreparegfinancialgstatements
Accountinggadjustmentsg-
ggCORRECTgANSWERSAgbusinessgtransactiongthatghasgnotgyetgbeengincludedgingthegaccountinggreco
rds.g
I.EgDeferrals,gdepreciation,gandgaccruals
incomegstatementg(profitgandglossgstatement)g-
ggCORRECTgANSWERSAgtypegofgfinancialgstatementgthatgdescribesgagfirm'sgrevenuesgandgexpensesg
andgindicatesgwhethergthegfirmghasgearnedgagprofitgorgsufferedgaglossgduringgaggivengperiod.
BalancegSheetg-
ggCORRECTgANSWERSAgfinancialgstatementgthatgreportsgassets,gliabilities,gandgowner'sgequitygongag
specificgdate.
