INTUIT BOOKKEEPING COMPREHENSIVE EXAM SCRIPT COMPLETE QUESTIONS VERIFIED SOLUTIONS

INTUIT BOOKKEEPING COMPREHENSIVE EXAM SCRIPT COMPLETE QUESTIONS VERIFIED
SOLUTIONS




●● Accounting Equation. Answer: Assets = Liabilities + Owner's Equity
or
Assets - Liabilities = Owner's Equity


●● Expanded Accounting Equation. Answer: Assets = Liabilities +
Equity + Revenue - Expenses - Dividends


●● The Five Account Types. Answer: Assets, Liabilities, Equity,
Revenue, Expenses


●● Normal balance of the five account types. Answer: Assets- Normal
Dr balance
Expenses- Normal Dr balance
Dividends- Normal Dr balance
Equity- Normal Cr balance
Revenue- Normal Cr balance


●● General Journal. Answer: A list of transactions organized
chronologically

, ●● Posting to the Ledger. Answer: transfer transactions entered in the
journal to the general ledger and categorize transactions by account


●● Accounting Cycle. Answer: a collective process of identifying,
analyzing, and recording the accounting events of a company


●● Steps in the Accounting Cycle. Answer: 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. Answer: 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). Answer: 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.