financial statement analysis coursera week 4 quiz answers

Reconciliations Practice Quiz

1. Which of the following are types of source documents that might be needed to perform a vendor account reconciliation? Select ALL that apply.

  • Order Reciept
  • Credit Card Statement
  • Invoices
  • Bank Statement

2. The following are types of common errors except:

  • Error of Omission
  • Error of Original Entry
  • Error of Law
  • Error of Commission

3. True or False: All accounts can be reconciled.

  • True
  • False

Workflow Practice Quiz

4. Upon reviewing the financial statements, you have determined that the sales revenue listed on the financial statements is incorrect and should actually be $15,000 instead of $5,000. Assuming all other accounts are accurate, what would the new net income be? (enter your answer as a whole number and don't use punctuation, example $7,800 would be 7800)

5000

5. After reviewing and revising the income statement, you have determined that the new Net Income is now $5,000. Using this information, revise the Statement of Cash Flow to determine what the new Cash at the End of the Period would be? (enter your answer as a whole number and don't use punctuation, example $7,800 would be 7800)

28500

6. Now that the Income Statement and the Statement of Cash Flow are updated, the Balance Sheet needs to be updated. Using the new balances, revise the Balance Sheet to determine the new balances for the Total Assets and Total Equity and Liability. (enter your answer as a whole number and don't use punctuation, example $7,800 would be 7800)

31000

Key Reports Practice Quiz

7. If you wanted to view how much a company owes and if payments are overdue, which report group would you run?

  • Customers and Receivables
  • Jobs, Time, and Mileage
  • Company and Financial
  • Vendors and Payables

8. Which ratio would you calculate to view a business's capacity to generate adequate income to repay interest on its debt?

  • Debt to Asset Ratio
  • Coverage Ratio
  • Cash Ratio
  • Return on Total Assets Ratio

Shuffle Q/A 1

9. Using the following balance sheet, calculate the Return on Assets ratio using the total assets for the average. (enter your answer as a decimal and round to the nearest thousandths, example x.xxx)

Income from Operations as found on the income statement was $19,710.

0.057

Reconciliations and Financial Analysis Assessment

10. When completing the reconciliation form, what amount should be listed as the (+/-) adjustment to BOOKS on the balance per book's side?

  • $1,000
  • $174.23
  • $449.23
  • $275.00
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