Intuit Bookkeeping Certification for Certiport TERMS A – C
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Exam with accurate detailed solutions || || || ||
accounting equation - ✔✔A basic principle of accounting that states that a company's total assets
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must equal the sum of its liabilities and owner's equity (Assets = Liabilities + Owner's Equity)
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accounting - ✔✔A system that provides a way individual business events, and the cumulative
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impact of those events, can be expressed
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accounts payable subsidiary ledger - ✔✔Where the T-accounts for the Accounts Payable
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subsidiary account are maintained; there's a T-account for each company from which the business
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purchases goods or services on account || || || || ||
accounts receivable subsidiary ledger - ✔✔Where the T-accounts for the Accounts Receivable
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subsidiary accounts are maintained; there's a T-account for each company that purchases goods or
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services on account || ||
accrual basis - ✔✔A method of accounting under which revenue is recorded when earned and
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expenses are recorded when incurred regardless of when cash changes hands
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Additional Paid in Capital - ✔✔An account that represents the ownership interest in a corporation
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that exceeds the portion comprising Common Stock or Preferred Stock
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adjusted trial balance - ✔✔The second of three trial balances a company completes during a
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period (after recording adjusting entries and prior to recording closing entries); step 5 in the
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accounting cycle ||
adjusting entry - ✔✔Records activity for which there was no previous trigger indicating that it
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should have already been recorded; part of the adjusting entry process
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Exam with accurate detailed solutions || || || ||
accounting equation - ✔✔A basic principle of accounting that states that a company's total assets
|| || || || || || || || || || || || || || ||
must equal the sum of its liabilities and owner's equity (Assets = Liabilities + Owner's Equity)
|| || || || || || || || || || || || || || ||
accounting - ✔✔A system that provides a way individual business events, and the cumulative
|| || || || || || || || || || || || || ||
impact of those events, can be expressed
|| || || || || ||
accounts payable subsidiary ledger - ✔✔Where the T-accounts for the Accounts Payable
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subsidiary account are maintained; there's a T-account for each company from which the business
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purchases goods or services on account || || || || ||
accounts receivable subsidiary ledger - ✔✔Where the T-accounts for the Accounts Receivable
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subsidiary accounts are maintained; there's a T-account for each company that purchases goods or
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services on account || ||
accrual basis - ✔✔A method of accounting under which revenue is recorded when earned and
|| || || || || || || || || || || || || || ||
expenses are recorded when incurred regardless of when cash changes hands
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Additional Paid in Capital - ✔✔An account that represents the ownership interest in a corporation
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that exceeds the portion comprising Common Stock or Preferred Stock
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adjusted trial balance - ✔✔The second of three trial balances a company completes during a
|| || || || || || || || || || || || || || ||
period (after recording adjusting entries and prior to recording closing entries); step 5 in the
|| || || || || || || || || || || || || || ||
accounting cycle ||
adjusting entry - ✔✔Records activity for which there was no previous trigger indicating that it
|| || || || || || || || || || || || || || ||
should have already been recorded; part of the adjusting entry process
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