assets in accounting coursera week 4 quiz answers
Cash, accounts receivable, and cash receipts quiz
1. If you collect cash for a $500 sale, what accounts increase by $500?
- Assets and equity
- Equity and liabilities
- Liabilities and expenses
- Expenses and equity
2. Your company had a beginning cash balance of $10,000 in October. You sold $5,500 in services for cash, and invoices worth $4,000. What is your company’s cash balance at the end of October?
- $15,500
- $14.000
- $19,500
3. Your company had a beginning equity balance of $8,000 in November. You sold $6,000 in services for cash, and invoices worth $3,500. What is your company’s equity balance at the end of November?
- $14,000
- $17,500
- $11,500
4. How is the accounting equation useful for detecting entry or calculation errors?
- It always reveals missing journal entries.
- An unbalanced equation can tip you off that an error exists somewhere.
- It always reveals if a payment is applied to the wrong invoice.
- It never allows debits to be recorded as assets.
PP&E Concepts Quiz
5. Big Boss Building Company purchased some construction equipment to keep up with demand. The new bookkeeper booked this as an expense. Is this correct?
- Yes
- No
6. Aubergine’s Antiques took out a capital lease for a moving van to transport heavier antiques. Will they be able to depreciate this equipment?
- Yes
- No
7. Adé just purchased $75 worth of new staplers for her Honey Helpers Bees business. She wants to book this as a noncurrent asset. Is that the correct way to book it?
- Yes
- No
8. Jason’s Medicinal Juniper Farm recently leased a stump drilling machine for 12 months on an operating lease. Will he be able to account for disposition of this equipment at the end of the lease?
- Yes
- No
Shuffle Q/A 1
Assets in Accounting Case Study Quiz
9. Body and Swole made __________ in net income from May 1 - July 31.
- $1,785.46
- $2,979.46
- $1,475.46
- -$1,250.46
