Coursera | Financial Accounting: Foundations

Module 2 Graded Quiz

Module 2 Graded Quiz >> Financial Accounting: Foundations

Module 2 Graded Quiz

TOTAL POINTS 10
1 point
 
  Year End 2014 Year End 2015 Change between 2014 and 2015
Total Assets $1,000,000 ? $300,000
Total Liabilities ? ? ?
Total Shareholders’ Equity $700,000 $900,000 ?

 

1 point
 
  • I. Bought inventory worth $3,000 using credit.
  • II. Sold goods for $10,000 receiving $8,000 in cash and charging $2,000 to a costumer’s credit account.
  • III. Received credit payment of $1,000 from a customer.
  • IV. Paid $2,000 to creditors.

What is the ending balance of Accounts Payable in 2017?

1 point
 
  • I. Bought inventory worth $3,000 using credit
  • II. Sold goods for $10,000 receiving $8,000 in cash and charging $2,000 to a customer’s credit account
  • III. Received credit payment of $1,000 from a customer
  • IV. Paid $2,000 to creditors

What is the ending balance of Accounts Receivable in 2017?

1 point
 
1 point
 
1 point
 
1 point
 

“______ accounting uses adjusting entries to reflect economic reality even when there is _______ involved in the transaction. Thus, profits ______ equal to cash over a period. ”

1 point
 
1 point
 
1 point

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *