bookkeeping basics coursera week 1 answers

Welcome Practice Quiz

1. As a bookkeeper, you will be primarily concerned with a business’s:

  • Technology Investments
  • Financial Transactions
  • Employee Benefits
  • Marketing Strategy

Role of a Bookkeeper Practice Quiz

2. Which of the following is not a typical task bookkeepers perform for their clients?

  • Handle all accounts payable and receivable.
  • Prepare financial statements.
  • Complete tax requirements.
  • Reconcile bank accounts.

3. Which of the following is an ethical/social responsibility associated with Objectivity?

  • Never using inside information regarding the client for personal gain.
  • Maintaining your credentials and continuing education.
  • Reporting financial data accurately and timely.
  • Never letting any personal bias get in the way of performing your duties.

4. Which of the following is an ethical/social responsibility associated with Honesty?

  • Never allowing another party to influence your findings.
  • Never discussing anything related to the client outside of the job.
  • Owning any mistakes and doing everything you can to fix them.
  • Avoiding any activity, both in your personal or professional life, that could bring shame to the profession and client.

Accounting Equation Practice Quiz

5. The accounting equation can be written as _______ = Liabilities + Equity.

  • Assets

6. Which of these would be considered an asset?

  • A vehicle
  • The owner’s investment in the company.
  • Mortgage

7. If Lou opened a line of credit at the tractor supply store and used it to purchase $600 in inventory, how would you categorize the $600 borrowed from the store?

  • Asset
  • Equity
  • Liability

8. If Lou's purchase increased liabilities by $600, what would also need to happen for the accounting equation to be in balance?

  • Add $600 to assets
  • Subtract $600 from assets 
  • Add $600 to equity 

Shuffle Q/A 1

Double-Entry Accounting Practice Quiz

9. Lou received a $100 payment for a weeding job he completed for Ms. Rosa. How would you record this transaction?

  • $100 Debit Cash; $100 Credit Lawncare Revenue
  • $100 Debit Lawncare Revenue; $50 Credit Cash; $50 Credit Ms. Rosa’s Account
  • $100 Credit Cash; $100 Debit Ms. Rosa’s account
  • $100 Credit Cash; $100 Debit Lawncare Revenue

10. Lou was paid $280 by Eagles Landing subdivision.

How would you record this transaction?

  • Debit Lawncare Revenue $280; Credit Cash $280.
  • Credit Lawncare Revenue $280; Debit Accounts Receivable
  • Debit Cash $280; Credit Lawncare Revenue $280
  • Credit Cash $280; Debit Accounts Receivable $280

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