bookkeeping basics coursera week 3 answers
Transactions Practice Quiz
1. True or False: The difference between a sales receipt and an invoice is whether or not the customer pays at the time of the sale or service.
- True
- False
2. What is the “undeposited funds” account?
- A temporary account that holds payments you plan to deposit later.
- A miscellaneous category for misplaced or forgotten funds.
- An account that allows you to pool rejected payments that your bank is not able to accept.
- A collection of bank and credit card payments that a business’s customers were not able to successfully send over.
3. When would the undeposited funds feature not be necessary?
- When you have less than 3 checks to process.
- When a check is for more than $500.
- When the customer has sent you a check in the mail.
- When you’ve already deposited the funds during the receive payment process.
Adjustments Practice Quiz
4. True or False: It is always the bookkeeper’s responsibility to identify the need for adjusting journal entries.
- True
- False
5. True or False: Once the adjusted trial balance has been prepared, it’s time to create the financial statements.
- True
- False
Four Core Financial Statements Practice Quiz
7. Which report includes the assets, liabilities, and owner's equity on a specific date?
- The Statement of Equity
- The Cash Flow Document
- The Income Statement
- The Balance Sheet
8. Which report provides a summary of changes in an owner's equity?
- The Balance Sheet
- The Cash Flow Document
- The Statement of Equity
- The Income Statement
Shuffle Q/A 1
9. Which report provides a summary of cash movement over a specific time period?
- The Income Statement
- The Statement of Equity
- The Balance Report
- The Cash Flow Statement
10. Which report is used to calculate net income?
- The Balance Sheet
- The Statement of Equity
- The Income Statement
- The Cash Flow Document