Intuit Academy Bookkeeping Professional Certificate Bookkeeping Basics Questions and Answers
The Accounting Principle - ANSWER-You can't mix business and personal assets or expenses.
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
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