Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Questions Exam With Solutions 100% Correct
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Course
Bookkeeping
Institution
Bookkeeping
Intuit Academy Bookkeeping Professional
Certificate: Bookkeeping Basics Questions
Exam With Solutions 100% Correct
The Accounting Principle You can't mix business and personal assets or expenses.
Accounting Equation Assets = Liabilities + Owner's Equity
or
Assets - Liabilities = Owner's Equi...
The Five Account Types Assets, Liabilities, Equity, Revenue, Expenses
Normal balance of the five account types Assets- Normal Dr balance
Expenses- Normal Dr balance
Dividends- Normal Dr balance
Equity- Normal Cr balance
, Intuit Academy Bookkeeping Professional
Certificate: Bookkeeping Basics Questions
Exam With Solutions 100% Correct
Revenue- Normal Cr balance
General Journal A list of transactions organized chronologically
Posting to the Ledger transfer transactions entered in the journal to the general ledger and
categorize transactions by account
Accounting Cycle a collective process of identifying, analyzing, and recording the
accounting events of a company
Steps in the Accounting Cycle 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
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