BUS 3 - Financial Accounting (Connect)

In "Check my work" errors are marked with red X's. You click on "Check my work" and you only see green check marks, but it says "Answer is not complete" at the top. This indicates that _____.

"so far, so good." What you have entered so far is correct, but not yet earned full credit

Journal entries are recorded on which tabs?

General journal

You click on "View Transaction List" and item 1 is listed with a green box. What does this indicate?

Question 1 has been recorded

When you have completed a journal entry and want to advance to the next journal entry within the problem, you click on "____".

Record Entry

When you have completed a journal entry, and want to advance to the next journal entry within the problem, you click on "_____"

Record Entry

As soon as you click "Record Entry", which tabs are immediately updated?

The General Ledger and Trial Balance tabs are both updated

In some General ledger questions, the financial statements need to be constructed by selecting the accounts and account elements that belong on the statement.

True

At the top of the screen, questions 3, 4, and 5 are outlined with a chain. This indicates that____.

questions 3, 4, and 5 are based on the same set of data

If a transaction does not require a journal entry, you must ____.

select "No journal entry required" from the dropdown menu

Assume your professor has given you 60 minutes to complete a specific assignment. You have worked on the assignment for 45 minutes but have not yet completed the assignment. A friend stops by and asks you to go out for a couple of hours. What should you do?

Tell your friend to go away for 15 minutes!

In reviewing the General Ledger tab, you notice that the ending Cash balance is listed in parentheses. What does this indicate?

Cash has an abnormal ending balance. Chances are you have an incorrect journal entry.

Assume your professor has given you unlimited time on a specific assignment and you have completed some, but not all, of the assignment. A friend stops by and asks you to go out for a couple of hours. What should you do?

Click "Save and Exit." Then, complete the assignment and click "Submit Assignment" before the due date.

To review the recorded entries, click on "________."

View General Journal

Every cell highlighted in blue will ________.

accept, but not require, input

"Answered" on the question map indicates that the question ____.

has been visited but may be incomplete and/or incorrect