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

10. What was the total COGS for Body and Swole on the trial balance?

  • $100
  • $180
  • $50
  • 80

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