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

6. If you’re increasing an Interest Expense account, you _____ it.

  • Debit
  • Credit

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
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