Bookkeeping Basics Coursera Quiz Answers

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This is the first course in a series of four that will give you the skills needed to start your career in bookkeeping. If you have a passion for helping clients solve problems, this course is for you. In this course, you will be introduced to the role of a bookkeeper and learn what bookkeeping professionals do every day.

You will dive into the accounting concepts and terms that will provide the foundation for the next three courses. You will learn how to work your way through the accounting cycle and be able to read and produce key financial statements.

By the end of this course, you will be able to: -Define accounting and the concepts of accounting measurement -Explain the role of a bookkeeper and common bookkeeping tasks and responsibilities -Summarize the double entry accounting method -Explain the ethical and social responsibilities of bookkeepers in ensuring the integrity of financial information. No previous bookkeeping or accounting experience required.

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Bookkeeping Week 01 Quiz Answers

Welcome Practice Quiz

Q1. As a bookkeeper, you will be primarily concerned with a business’s:

  • Employee Benefits
  • Marketing Strategy
  • Technology Investments
  • Financial Transactions

Role of a Bookkeeper Practice Quiz

Q1. Which of the following is not a typical task bookkeepers perform for their clients?

  • Complete tax requirements.
  • Reconcile bank accounts.
  • Handle all accounts payable and receivable.
  • Prepare financial statements.

Q2. Which of the following is an ethical/social responsibility associated with Objectivity

  • Maintaining your credentials and continuing education.
  • Reporting financial data accurately and timely.
  • Never using inside information regarding the client for personal gain. 
  • Never letting any personal bias get in the way of performing your duties.

Q3. Which of the following is an ethical/social responsibility associated with Honesty

  • Owning any mistakes and doing everything you can to fix them.
  • Never allowing another party to influence your findings.
  • Avoiding any activity, both in your personal or professional life, that could bring shame to the profession and client.
  • Never discussing anything related to the client outside of the job.

Accounting Equation Practice Quiz

Q1. The accounting equation can be written as  _______ = Liabilities + Equity. 

Q2. Which of these would be considered an asset? 

  • T​he owner’s investment in the company.
  • T​axes
  • A vehicle

Q3. If Lou opened a line of credit at the tractor supply store and used it to purchase $600 in inventory, how would you categorize the $600 borrowed from the store?

  • L​iability
  • E​quity
  • A​sset

Q4. If Lou’s purchase increased liabilities by $600, what would also need to happen for the accounting equation to be in balance?

  • Subtract $600 from assets 
  • Add $600 to assets 
  • Add $600 to equity 

Double-Entry Accounting Practice Quiz

Q1. Lou received a $100 payment for a weeding job he completed for Ms. Rosa. How would you record this transaction?

DateDescriptionDebitCredit
J​uly 10M​s. Rosa
C​ash
L​awncare Revenue
  • $​100 Debit Lawncare Revenue; $50 Credit Cash; $50 Credit Ms. Rosa’s Account
  • $1​00 Credit Cash; $100 Debit Ms. Rosa’s account
  • $​100 Debit Cash; $100 Credit Lawncare Revenue
  • $​100 Credit Cash; $100 Debit Lawncare Revenue

Q2. Lou was paid $280 by Eagles Landing subdivision. 

How would you record this transaction? 

D​ateA​ccountDebitCredit
J​uly 24E​agle’s Landing subdivision
C​ash
L​awncare Revenue
  • Debit Cash $​280; Credit Lawncare Revenue $280
  • Debit Lawncare Revenue $​280; Credit Cash $280.
  • Credit Cash $​280; Debit Accounts Receivable $280
  • Credit Lawncare Revenue $​280; Debit Accounts Receivable

Q3. Lou purchased his truck for $32,000. He paid $2,000 cash and took out a $30,000, 5-year loan. 

S​elect the correct journal entry below.

  • .
DateD​escriptionDebitCredit
F​eb. 6P​urchase of truck
P​lant, Property, & Equipment$​32,000
C​ash$​2,000
Plant, Property, & Equipment$32,000
​ Loan Payment$30,000
  • . correct Answers
DateD​escriptionDebitCredit
F​eb. 6P​urchase of truck
P​lant, Property, & Equipment$32,000
​ Cash$​2,000
​ Loan Payment$30,000
  • .
DateD​escriptionDebitCredit
F​eb. 6P​urchase of truck
P​lant, Property, & Equipment$32,000
​ Cash$​2,000
​ Loan Payment$30,000

Q4. The general journal is used to record transactions in chronological order. Each transaction requires two entries, a credit and a _____. 

Q5. When creating a journal entry, the following are true. 

Select all true statements.

  • You record debits on the left.
  • You can only include two accounts. 
  • The credit and debit totals must be equal.
  • You record credits on the right.

Q6.

DateD​escriptionDebitCredit
June 10Leaf Blower
Equipment$70
​ Cash$70

In this example, the journal entry shows a(n) _______ in the Equipment account and a(n)  ______ in the Cash account. 

  • decrease, increase 
  • decrease, decrease 
  • increase, increase 
  • increase, decrease

Q7.

DateD​escriptionDebitCredit
June 10Leaf Blower
Equipment$70
​ Cash$70

This journal entry could represent: 

  • Purchasing $70 worth of equipment with cash.
  • Selling $70 worth of equipment for cash.
  • Purchasing $70 worth of equipment on credit.
  • Selling $70 worth of equipment on credit.​

Quiz : Accounting Concepts and Measurement Assessment

Q1. What tasks would a bookkeeper do?

  • Record financial transactions, create employee write-ups, and handle bank feeds and reconcile bank accounts
  • Manage accounts receivable/payable, recording financial transactions, and implement HR policies
  • Handle bank feeds and reconciles bank accounts, managing accounts receivable/payable, and record financial transactions

Q2. Mary Smith is the owner and operator of Smith Construction. At the end of the company’s accounting period, December 31, 2020, Smith Construction has assets totaling $760,000 and liabilities totaling $240,000. 

Use the accounting equation to calculate what Mary’s Owner Equity would be as of December 31, 2020

  • 520,000

Q3. Mike Anderson is the owner and operator of Anderson Consulting. At the end of 2019, the company’s assets totaled $500,000 and its liabilities totaled $175,000. Assuming that over the 2020 fiscal year, assets increased by $120,000 and liabilities increased by $72,000, use the accounting equation to determine what Mike’s Owner’s equity will be as of December 31, 2020? 

  • 373,000

Q4. Maria Garcia owns a software consulting firm. At the beginning of 2019, her firm had assets of $800,000 and liabilities of $185,000. Assuming that assets decreased by $52,000 and liabilities increased by $24,000 during 2020, use the accounting equation to calculate equity at the end of 2020. 

  • 539,000

Q5. The accounting equation can be defined as: 

  • Assets = Liability / Equity
  • Assets = Liability + Equity
  • Revenue – Expenses = Income​

Q6. What the company owns or controls and expects to gain value from is defined as: 

  • A​ Liability
  • A​n Asset
  • Equity

Q7. What the company owes to others is defined as:

  • L​iabilities
  • A​ssets
  • E​quity

Q8. The owner’s stake in the company is defined as: 

  • A​ssets
  • L​iabilities
  • E​quity

Q9. A way of bookkeeping that tracks which accounts increase and which decrease for a given transaction is known as: 

  • S​ingle-entry
  • M​ultiple-entry
  • D​ouble-entry

Q10. Which of the following best defines a credit as it’s used in double-entry accounting? 

  • An increase in assets/owner’s equity and income and a decrease in liabilities/expenses.
  • An increase in assets/expenses and a decrease in liabilities/owner’s equity and revenue.
  • An increase in liabilities/expenses and a decrease in assets/owner’s equity and revenue.
  • A decrease in assets/expenses and an increase in liabilities/owner’s equity and revenue.

Q11. Which of the following best defines a debit as it’s used in double-entry accounting? 

  • An increase in assets/owner’s equity and income and a decrease in liabilities/expenses.
  • An increase in assets/expenses and a decrease in liabilities/owner’s equity and revenue.
  • A decrease in assets/expenses and an increase in liabilities/owner’s equity and revenue.
  • An increase in liabilities/expenses and a decrease in assets/owner’s equity and revenue.

Q12. You purchased inventory from your vendor and paid cash. The accounts affected are the inventory account and the cash account. In your journal entry, which account would you debit? 

  • I​nventory account
  • C​ash account

Q13. An owner invests $1000 in the company. This transaction impacted the checking account and the owner’s equity account. In your journal entry, which account do you credit?

  • O​wner’s equity account
  • C​hecking account

Q14. A sales manager purchases office supplies with the company credit card. This transaction impacts the accounts payable and the office supplies accounts. In your journal entry, which account do you credit? 

  • O​ffice supplies account
  • A​ccounts payable

Q15. The company pays off the credit card bill. This transaction impacts the accounts payable and the cash accounts. In your journal entry, which account do you credit? 

  • A​ccounts payable
  • C​ash account

Q16. Debits are always represented on what side of a T-chart?

  • T​he left.
  • T​he right.

Q17. Short-term Investments would be an example of what kind of account?

  • An asset account.
  • A liability account.

Q18. Accounts payable would be an example of what kind of account? 

  • An asset account.
  • A liability account.

Q19. Accounts receivable would be an example of what kind of account? 

  • A​n asset account.
  • A​ liablity account.

Q20. T​rue or False: Your client was paid in cash for a service that they provided. They’ve asked you to leave it off their financial records. Since you are employed by the client, you should do what they ask. 

  • T​rue
  • F​alse

Bookkeeping Week 02 Quiz Answers

General Ledger Practice Quiz

Q1. Lou pays $100 to advertise in his local mailer and puts the charge on his Visa credit card.  

Which two accounts are involved in this transaction? 

  • Visa, cash
  • Visa, Equipment
  • Visa, Advertising expense
  • Visa, Advertising revenue

Q2.

DebitCredit
A​dvertising Expense
V​isa

To record the journal entry, we will ____ the advertising expense account and _____ the Visa account. 

  • Credit, credit 
  • D​ebit, credit
  • Debit, debit
  • Credit, debit

Q3. To post a debit to the advertising expense ledger, we would record $100 on the ___ side. 

  • D​epends on the situation
  • L​eft
  • R​ight

Q4. This ledger shows all transactions impacting the cash account this week. 

 Calculate the balance.​

  • $3​00
  • $​250
  • $4​50
  • $150

Q5. On the chart of accounts, which account would you find under liabilities? 

  • E​quipment
  • L​andscaping Income
  • V​ehicle loan
  • P​aid-in capital

Journal Entries Practice Quiz

Q1. True or False:​ Journal entries require a good understanding of debits and credits. 

  • F​alse
  • T​rue

Q2. When would it be acceptable to use Manual Journal entries to hide or disguise certain financial transactions?

  • Never.
  • When the owner asks you to.
  • When you need to balance the assets against the liability and equity.

Q3. True or False:​ Journal entries should not be used during year-end adjustments. 

  • F​alse
  • T​rue

Q4. Who should manually enter general journal entries?

  • Bookkeeper
  • Accountant
  • Owner (who is not an accountant)

Q5. True or False:​ Journal entries should not be used to enter depreciation. 

  • T​rue
  • F​alse

Accounting Cycle Practice Quiz

Q1. What is the first step in the accounting cycle?

  • Preparing financial statements
  • Making adjustments
  • Posting transactions to the general ledger
  • Reviewing source documents and analyzing transactions

Q2. True or False: The unadjusted trial balance should be used to create financial statements.

  • True
  • F​alse

Q3. What is the name of the form or statement that lists the profit or loss for a company during a specific period?

  • The balance sheet
  • The trial balance
  • The income statement
  • The general journal

Quiz : Accounting Cycle (Part 1) Assessment

Q1. A schedule that contains all accounts needed to prepare financial statements is known as: 

  • A Journal Entry
  • An Income Statement
  • The General Ledger

Q2. Reorganizing journal entries and grouping them by account is known as:

  • F​ile maintenance
  • P​osting to the ledger
  • B​alancing the journal

Q3. A listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger is known as a:

  • F​inancial Statement
  • C​hart of Accounts
  • J​ournal Entry

Q4. To find the balance of the account types that increase with a debit (asset and expense accounts), bookkeepers will: 

  • Subtract total credits from total debits (Debits – Credits)
  • Subtract total debits from total credits (Credits – Debits)

Q5. The accounting cycle starts with the: 

  • Preparation of ledger accounts
  • Preparation of a trial balance
  • Analysis of business transactions
  • Preparation of adjusting entries

Q6. After analysis, the business transaction is recorded in the journal in: 

  • R​andom order
  • Chronological order

Q7. A form or statement that lists the titles and balances of all ledger accounts at a given date is known as: 

  • S​tatement of retained earnings
  • B​alance sheet
  • Trial balance
  • Income statement

Q8. Sydney is entering a transaction in QuickBooks. What are the two steps of manual accounting that will happen simultaneously as she does this? 

  • Entering an expense and entering revenue
  • Creating a journal entry and producing a profit and loss statement
  • Creating a journal entry and posting to the ledger

Q9. The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a “1” might signify that the account is an asset account, a “6” might signify an operating expense, etc.

  • T​rue
  • F​alse

Q10. A trial balance where total debits equal total credits indicates:

  • The ledger is in balance.
  • One or more transactions have been incorrectly analyzed and recorded in the ledger accounts.
  • The company made a profit during the accounting period.

Q11. Zach needs to determine what his company’s financial position was on March 31st of last year. Which of the following would be the best report to look at?

  • B​alance sheet
  • S​tatement of retained earnings
  • S​tatement of equity
  • T​he general ledger

Q12. Which of the following financial statements reports the sources and uses of cash by a business? 

  • T​he Balance Sheet
  • T​he Income Statement
  • S​tatement of Cash Flow
  • S​tatement of Equity

Q13. Which of the following lists general ledger account balances at the end of a reporting period, before any adjusting entries are made?

  • The Balance Sheet
  • Statement of Equity
  • Unadjusted Trial Balance
  • Adjusted Trial Balance

Q14. A trial balance that is prepared after taking into account all the adjusting entries is known as:

  • Cash Flow Statement
  • Adjusted Trial Balance
  • Unadjusted Trial Balance

Q15. The preparation of financial statements and closing the books is the ______ step of the accounting cycle. 

  • fourth
  • t​hird
  • last
  • second

Q16. Rudiger has just recorded and posted his business transactions to the ledger. His next step in the accounting cycle is to _______. 

  • prepare the income statement
  • collect all receipts and invoices
  • a​nalyze transactions
  • prepare an unadjusted trial balance

Q17. Francis enters a $100 check received from a customer into QuickBooks online. If she views the Transaction Journal, which account would show as being debited $100?

  • Revenue
  • Expenses
  • Business bank account
  • Accounts receivable

Q18. The double-entry system of bookkeeping normally results in which of the following balances in the ledger accounts? 

  • Debit: Assets and revenue

Credit: Liabilities, equity, and expenses

  • Debit: revenue, capital, and liabilities

Credit: Assets and expenses 

  • Debit: Assets and expenses

Credit: Liabilities, equity, and revenue 

  • Debit: Assets, expenses, and capital

Credit: Liabilities and revenue 

Q19. In the first month of operations, Pepper Consulting’s total debit entries to the cash account amounted to $900, and the total credit entries to the cash account amounted to $600. The cash account has a: 

  • $900 debit balance
  • $300 credit balance
  • $600 credit balance
  • $300 debit balance

Q20. Pepper Consulting bought computers with credit from PYO Suppliers and entered the sale into QuickBooks. The transaction journal for Pepper Consulting would show the following entry: 

  • D​ebit: Sales

C​redit: computers

  • Debit: PYO Credit Payable

Credit: Computers

  • Debit: Computers

Credit: PYO Credit Payable

  • Debit: Computers

Credit: Sales

Bookkeeping Week 03 Quiz Answers

Transactions Practice Quiz

Q1. 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. 

  • T​rue
  • F​alse

Q2. 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.

Q3. When would the undeposited funds feature not be necessary?

  • When you’ve already deposited the funds during the receive payment process.
  • When the customer has sent you a check in the mail.​
  • When a check is for more than $500.​
  • When you have less than 3 checks to process.​

Adjustments Practice Quiz

Q1. True or False: It is always the bookkeeper’s responsibility to identify the need for adjusting journal entries.

  • T​rue
  • F​alse

Q2. True or False:​ Once the adjusted trial balance has been prepared, it’s time to create the financial statements.​

  • T​rue
  • F​alse

Q3. If you’re increasing an Interest Expense account, you _____ it. 

  • D​ebit
  • C​redit

Four Core Financial Statements Practice Quiz

Q1. Which report includes the assets, liabilities, and owner’s equity on a specific date? 

  • The Statement of Equity
  • The Balance Sheet
  • The Cash Flow Document
  • The Income Statement

Q2. Which report provides a summary of changes in an owner’s equity?

  • The Statement of Equity
  • The Balance Sheet
  • The Cash Flow Document
  • The Income Statement

Q3. Which report provides a summary of cash movement over a specific time period? 

  • The Balance Report
  • The Cash Flow Statement.
  • The Statement of Equity
  • The Income Statement

Q4. Which report is used to calculate net income?

  • The Income Statement
  • The Balance Sheet
  • The Cash Flow Document
  • The Statement of Equity 

Q5. What is the change in cash?

S​tatement of Cash Flows

C​ash Flows from Operating Activities
​ Net Income$​1,300
​ Accounts Receivable$​400
​ Net Cash from Operations$​1,700
C​ash Flows from Financing Activities
​ Equity Contributed$1,​000
​ Net Cash from Financing$​1,000
C​ash Flows from Investing Activites
​ Equipment Bought$​-1,000
​ Equipment Sold$​300
​ Net Cash from Investing$-7​00
C​hange in Cash?​?

Quiz : Accounting Cycle (Part 2) Assessment

Q1. Which of the following financial statements provides a summary of a company’s revenue and expenses over a period of time?

  • The Statement of Cash Flow
  • The Income Statement
  • The Balance Sheet
  • The Statement of Equity

Q2. Which of the following financial statements provides you with the owner’s change in capital over time? 

  • The Statement of Cash Flow
  • The Statement of Equity
  • The Balance Sheet
  • The Income Statement

Q3. Which of the following financial statements shows the balances of a company’s assets, equity, and liability?

  • The Statement of Cash Flow
  • The Income Statement
  • The Balance Sheet
  • The Statement of Equity

Q4. Which of the following financial statements provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investments?

  • The Income Statement
  • The Statement of Equity
  • The Balance Sheet
  • The Statement of Cash Flow

Q5. A seasonal business like Lou’s Landscaping can have decreased cash during off-season months. Which financial statement would show the cash inflows and outflows for a particular month?

  • Statement of equity 
  • Income statement
  • Cash Flow Statement
  • Balance Sheet

Q6. Which of these accounts would have a balance of $0 at the beginning of each new accounting period? 

  • C​ash
  • A​ccounts receivable
  • L​ong-term loan payable
  • R​evenue

Q7. A business owner performs a service and is paid when the job is performed. The owner would then enter this transaction into accounting software as: 

  • A​ Credit Memo
  • A​ Bank Deposit
  • A Sales Receipt
  • An Invoice

Q8. A business owner performs a service but is not paid when the job is performed. Using their accounting software, the owner would enter the transaction as: 

  • A Credit Memo
  • An Invoice
  • A Bank Deposit
  • A Sales Receipt

Q9. True or False: The ending cash balance on the Statement of Cash Flow should not equal the cash balance reported on the Balance Sheet. 

  • True
  • F​alse

Q10. A customer paid in advance for a service. They need to cancel the service. If the business owner wishes to apply that money towards the customer’s next service, the owner would enter that transaction into their accounting software as: 

  • A Credit Memo
  • A Refund
  • A Sales Receipt
  • An Invoice

Q11. True or False: In order to complete a Statement of Equity, you will need the net profit from the Income Statement. 

  • T​rue
  • F​alse

Q12. True or False: Business owners should use the General Ledger to make business decisions. 

  • T​rue
  • F​alse

Q13. A Balance Sheet has four parts: a heading, assets, liabilities, and ______.

  • t​otal
  • equity
  • gross profit
  • owner/company name

Q14. True or False: Financial reports should be produced before any adjustments have been made. 

  • T​rue
  • F​alse

Q15. An owner has deposited several payments they’ve received from customers into the business’s bank account. The owner would then enter this transaction in their accounting software as: 

  • An Invoice
  • A Vendor Check Bank Feed
  • A Bank Deposit
  • A Bank Feed

Q16. After the Unadjusted Trial Balance is created, the process of going back and updating information is known as:

  • Making changes
  • Making adjustments
  • Making corrections
  • Making substitutions

Q17. An owner brought in a piece of equipment for servicing and paid for the repair with a check. The owner would then enter the transaction into their accounting software as: 

  • A Vendor Check
  • A​ Bank Feed
  • A​n invoice
  • A​ bank deposit

Q18. The document that shows all of the account balances after adjustments have been made is known as:

  • The General Journal
  • The Adjusted Trial Balance 
  • The General Ledger
  • The Unadjusted Trial Balance 

Q19. Becky provided a service to a customer, and they have yet to pay. Which type of journal entry would need to be made? 

  • A Tax Adjustment
  • A Deferral
  • An Accrual
  • A Missing Transaction

Q20. True or False: The depreciation of a vehicle is not something that can be entered as an adjustment. 

  • T​rue
  • F​alse

Bookkeeping Week 04 Quiz Answers

Key Assumptions Part 1 Practice Quiz

Q1. This type of assumption/principle requires a business to disclose all information about the business that is important for a lender or investor to know in financial statements in the financial statement notes.

  • Reliability Assumption
  • Economic Entity Assumption 
  • Full Disclosure Principle
  • Conservatism Assumption

Q2. The Economic Entity principle states: 

  • Business and personal financial activities must be separate for business owners.
  • Companies can only record financial transactions that can be verified.
  • To be financially conservative when recording information that is unclear.​

Q3. When the bookkeeper or accountant has a choice between two acceptable alternatives, they should choose the one that will report less profit, less asset amount, or a greater liability amount. This is based upon which assumption/principle? 

  • Vital Asset Assumption
  • Conservatism Assumption
  • Full Disclosure Assumption

Q4. Your client Rosie Fern wants to add the cost of the trellises she built for her herbal gardening business but can’t find a receipt or proof that she paid.  

Which assumption/principle restricts you from recording this information in financial activities? 

  • Economic Entity
  • The Reliability Assumption 
  • Conservatism Assumption

Periodicity Assumption Practice Quiz

Q1. True or False: According to the Periodicity Assumption, companies can only review their financial health at the end of their fiscal year? 

  • T​rue
  • F​alse

Q2. A client owns a small vinyl sign printing company called Printing Pros. They completed a print job for a customer on August 10, but the customer did not pay for the service until October 15.  

In which month should the revenue be recognized for this big print job?

  • E​nd of the year.
  • S​eptember
  • O​ctober
  • A​ugust

Q3. P​rinting Pros had another big job to do in April and needed to hire additional help to make their deadline. The new employee received their first paycheck at the beginning of May.

When should Printing Pros recognize the expense of paying their employee?

  • A​pril
  • M​ay

Q4. According to the Revenue Recognition Principle, when should a business recognize its revenue? 

  • When it is earned.
  • When payment is received from a customer.
  • Whenever the reporting period ends.

Q5. Which of the following best describes the Periodicity Assumption? 

  • Companies can assume that the business activity will operate indefinitely.
  • Companies can assume a value for intangible assets. 
  • Companies can assume that business activity can be broken up into smaller measurements of time.

Q6. Which of the following statements would best describe the Matching Principle? 

  • The manufacturing cost, or cost of goods sold, is recognized once the manufacturing process is complete.
  • Expenses should be recognized when they are paid, regardless of when revenue is generated. 
  • Expenses like manufacturing costs or depreciation should be recognized in the same period as the revenue it helped generate.

Accrual vs Cash-Basis Practice Quiz

Q1. According to the Cash-Basis accounting method, when would a business recognize its expenses?

  • When the expense is incurred
  • When the expense is paid out
  • When the business actually receives the bill in the mail

Q2. True or False: An advantage of using the Accrual Method of accounting is that it provides a fuller picture of the state of the business.

  • False
  • True

Q3. It is permissible to use a combination of the Cash-Basis and Accrual methods of accounting as long as it is applied consistently and clearly and reflects the business’s income and expenses.

  • False
  • True

Quiz : Bookkeeping Basics Case Study Quiz

Q1. Instructions: Make sure you have completed the hands-on bookkeeping workbook portion of the course 1 project before starting this quiz. You will need your completed workbook to help you respond to many of the questions. 

Lou made _______ in landscaping income in the month of July.

  • $4,750
  • $4,500
  • $5,000 
  • $5,500

Q2. If Lou makes a $500 payment to the bank for his small business loan, what will be the new loan balance?  Assume he is not being charged interest.

  • $9,500
  • $​10,000
  • $​10,500
  • $​500

Q3. The total debits for the Trial Balance equal: 

  • $​33,000
  • $​16,500
  • $​8,500
  • $​12,700

Q4. Lou’s total operating expenses for the month of July are ______.

(Format your response like this: $x,xxx).

  • 2110

Q5. Lou’s net income on his income statement is _______. 

(Format your response like this: $x,xxx). 

  • 3390

Q6. What was Lou’s Accounts Receivable balance for the month of July?

(Format your response like this: $x,xxx). 

  • 4500

Q7. Which accounting assumption allows bookkeepers to break a company’s financial life into smaller chunks of time?

  • G​oing Concern Assumption
  • T​he Periodicity Assumption
  • E​ntity Assumption
  • A​ccrual Basis Assumption

Q8. Caren Cosmos is the world’s most popular soft rock folk singer. She sold t-shirts online last year and made $7,000. The money from these sales went directly into her personal banking account which she used for her personal needs. Which key accounting assumption did Caren ignore?

  • G​oing Concern Cssumption
  • E​ntity Assumption
  • A​ccrual Basis Assumption
  • P​eriodicity Assumption

Q9. Which expense provided by Lou did you not include in the journal? 

  • On July 7, Lou rented a piece of commercial equipment from Home Depot for $1,000. He paid for it using his credit card.
  • July 24, Lou hired a subcontractor to help with a job. He paid the subcontractor with check #0002 for $650.00. 
  • On July 17, Lou purchased a new bicycle for his son for $275.
  • On July 4, Lou put an ad in the Penny Saver for his business. He paid $450 with check #0001.

Q10. An accounting method in which revenues are reported when they are earned and expenses are reported when they are incurred is called: 

  • Cash-Basis Accounting
  • Accrual Accounting
  • Hybrid Accounting
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