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Bookeeping Basics Module 2 Exam Answers
Bookeeping Basics Module 2 Exam Answers
Bookeeping Basics Module 2 Exam Answers
1.
Question 1
A schedule that contains all accounts needed to prepare financial statements is
known as:
1 / 1 point
An Income Statement
A Journal Entry
File maintenance
Journal Entry
Chart of Accounts
Financial Statement
Correct
Correct! 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 Chart
of Accounts.
4.
Question 4
To find the balance of the account types that increase with a debit (asset and
expense accounts), bookkeepers will:
1 / 1 point
Chronological order
Random order
Correct
Correct! After analysis, the business transaction is recorded in the journal in
chronological order.
7.
Question 7
A form or statement that lists the titles and balances of all ledger accounts at a given
date is known as:
1 / 1 point
Balance sheet
Trial balance
Income statement
Correct
Correct! A form or statement that lists the titles and balances of ALL ledger accounts
at a given date is known as a trial balance.
8.
Question 8
Sydney is entering a transaction in QuickBooks. What are the two steps of manual
accounting that will happen simultaneously as she does this?
1 / 1 point
True
False
Correct
Correct! Generally, the larger and more sophisticated the company, the more digits
in the account numbers. For sorting the accounts into meaningful reports the various
digits do signify a specific category.
10.
Question 10
A trial balance where total debits equal total credits indicates:
1 / 1 point
One or more transactions have been incorrectly analyzed and recorded in the ledger
accounts.
Statement of equity
Balance sheet
Correct
Correct! The balance sheet reports a company's assets, liabilities, and equity at a
specific point in time. Zach can use this to determine the financial position on the day
he needs.
12.
Question 12
Which of the following financial statements reports the sources and uses of cash by
a business?
1 / 1 point
Statement of Equity
Statement of Equity
third
last
fourth
second
Correct
Correct! The preparation of financial statements and closing the books is the last
step in the accounting cycle.
16.
Question 16
Rudiger has just recorded and posted his business transactions to the ledger. His
next step in the accounting cycle is to _______.
1 / 1 point
analyze transactions
Correct
Correct! Preparing an unadjusted trial balance is the third step of the accounting
cycle after recording/posting transactions.
17.
Question 17
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?
1 / 1 point
Revenue
Expenses
Accounts receivable
Correct
Correct! The $100 check from the customer will increase the bank account balance
by $100, in other words, the account is debited $100.
18.
Question 18
The double-entry system of bookkeeping normally results in which of the following
balances in the ledger accounts?
1 / 1 point
Debit: Sales
Credit: computers
Debit: Computers
Credit: Sales
Debit: Computers
Credit: PYO Credit Payable
Correct
Correct! When you enter a transaction that involves buying something on credit, you
will debit the asset account (computers) and credit the payable account (PYO
Credit Payable).
From <https://www.coursera.org/learn/bookkeeping-basics/exam/laiKO/accounting-
cycle-part-1-assessment/attempt?redirectToCover=true>