Intuit Academy Bookkeeping Professional
Certificate: Bookkeeping Basics (Latest Update
2026) UPDATE!!
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Practice questions for this set
Learn 1 /7 Study with Learn
When bookkeepers or accountants are uncertain and need to determine
how to report an item, they should choose the option that shows less
income or asset benefit (Potential losses can be recorded but potential
gains can not)
Choose an answer
1 The Accounting Principle 2 Conservatism Assumption
Normal balance of the five account
3 Statement of Equity 4
types
Don't know?
, Terms in this set (34)
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 Equity
Expanded Accounting Equation Assets = Liabilities + Equity + Revenue - Expenses
- Dividends
The Five Account Types Assets, Liabilities, Equity, Revenue, Expenses
Normal balance of the five account Assets- Normal Dr balance
types Expenses- Normal Dr balance
Dividends- Normal Dr balance
Equity- Normal Cr balance
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
Certificate: Bookkeeping Basics (Latest Update
2026) UPDATE!!
Save
Practice questions for this set
Learn 1 /7 Study with Learn
When bookkeepers or accountants are uncertain and need to determine
how to report an item, they should choose the option that shows less
income or asset benefit (Potential losses can be recorded but potential
gains can not)
Choose an answer
1 The Accounting Principle 2 Conservatism Assumption
Normal balance of the five account
3 Statement of Equity 4
types
Don't know?
, Terms in this set (34)
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 Equity
Expanded Accounting Equation Assets = Liabilities + Equity + Revenue - Expenses
- Dividends
The Five Account Types Assets, Liabilities, Equity, Revenue, Expenses
Normal balance of the five account Assets- Normal Dr balance
types Expenses- Normal Dr balance
Dividends- Normal Dr balance
Equity- Normal Cr balance
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
