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
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
11. The total debits for the trial balance equals:
(Format your answer as $xx,xxx.xx)
12. On the inventory tracking tab, because of finding the inventory error, the updated net income for May - July is _____________. (Format your answer as $x,xxx.xx)
$3,009.46
13. On the inventory tracking tab, because of finding the inventory error, the updated net income for August - October is ________________. (Format your answer as $x,xxx.xx)
$2,610.00
14. Body and Swole check their inventory at the end of every month as part of their management system. This kind of management system is called:
- Perpetual
- Periodic
- Proactive
- Episodic
15. If a vendor has not paid a business for services or goods rendered, and the two parties come to an agreement regarding terms to recover the unpaid balance (including time frame and interest). That agreement is called a ___________________.
- Promissory Note
- Notes Receivable
- Notes Payable
- Contra-Account
16. What was Body and Swole’s total assets on the balance sheet at the end of July?
- $38,785
- $40,285
- $41,785
- $37,285
17. When entering a promissory note in the journal as a notes receivable, each entry for a payment received includes all of the following except:
- The interest on the total original principal.
- The interest paid on principal owed (the remaining balance).
- A debit to the cash account for the principal and interest paid.
- A credit to the notes receivable account for the principal paid.
18. Body and Swole purchased $25,000 worth of equipment to open its doors. The expected life of their equipment is 5 years. Using straight line depreciation, what would they report as their equipment’s annual depreciation? (Format your answer as $x,xxx)
$5,000