ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com

1. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com

2. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 All Chapter Quizzes FOR MORE CLASSES VISIT www.acc556outlet.com Please check the details of Quizzes given under our product section individually (all questions are mentioned there)  ACC 556 Chapter 1 Quiz (100% Score)ACC 556 Chapter 2 Quiz (100% Score)ACC 556 Chapter 3 Quiz (100% Score)ACC 556 Chapter 4 Quiz (100% Score)ACC 556 Chapter 5 Quiz (100% Score)ACC 556 Chapter 6 Quiz (100% Score)ACC 556 Chapter 7 Quiz (100% Score)ACC 556 Chapter 8 Quiz (100% Score)ACC 556 Chapter 9 Quiz (100% Score)ACC 556 Chapter 10 Quiz (100% Score)ACC 556 Chapter 11 Quiz (100% Score)ACC 556 Chapter 12 Quiz (100% Score)

3. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 1 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 1 Quiz Question 1 A business organized as a separate legal entity owned by stockholders is a partnership. Question 2  Accounting communicates financial information about a business to both internal and external users. Question 3  The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company for a specific period of time. Question 4  One way of stating the accounting equation is: Assets + Liabilities = Stockholders’ Equity.

4. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 2 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 2 Quiz Question 1  Cash and supplies are both classified as current assets. Question 2  Earnings per share measures the net income earned on each share of common stock. Question 3  Net cash provided by operating activities takes into account that a company must invest in capital expenditures just to maintain its current level of operations. Question 4  In order for information to be relevant, it must be reported on a monthly basis.

5. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 3 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 3 Quiz · Question 1 Economic events that require recording in the financial statements are called accounting transactions · Question 2 An account is often referred to as a T-account because of the way it is constructed. · Question 3 Revenues are a subdivision of stockholders’ equity. · Question 4 Salaries and wages payable is a type of expense. · Question 5 Operating activities are the types of activities the company performs to generate profits.

6. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 4 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 4 Quiz Question 1 The revenue recognition principle dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied. Question 2 An adjusting entry to a prepaid expense is required to recognize expired expenses. Question 3 Unearned revenue is a prepayment that requires an adjusting entry when services are performed. · Question 4 When closing entries are prepared, each income statement account is closed directly to retained earnings. · Question 5 The accounting cycle begins with the journalizing of the transactions

7. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 5 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 5 Quiz Question 1  An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system. Question 2  The terms 2/10, net/30 mean that a 2 percent discount is allowed on payments made within the 10 days discount period. Question 3 Sales allowances and Sales discounts are both designed to encourage customers to pay their accounts promptly. Question 4 Freight-out appears as an operating expense in the income statement.

8. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 6 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 6 Quiz Question 1  Raw materials inventories are the goods that a manufacturing company has completed and are ready to be sold to customers. Question 2  Goods held on consignment should be included in the consignor’s ending inventory Question 3  If a company has no beginning inventory and the unit cost of inventory items does not change during the year, the value assigned to the ending inventory will be the same under LIFO and average cost flow assumptions Question 4  The LIFO method is rarely used because most companies do not sell the last goods they purchase first.

9. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 7 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 7 Quiz Question 1  The most important element of the fraud triangle is rationalization. Question 2  Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency. Question 3  Under an effective system of internal control, errors occur only as a result of fraud or dishonesty. Question 4  Control over cash disbursements is improved if major expenditures are paid by check. Question 5  Cash equivalents are highly liquid investments that can be converted into a specific amount of cash.

10. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 8 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 8 Quiz Question 1  An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected. Question 2  Allowance for Doubtful Accounts is a contra account that is deducted from Accounts Receivable on the balance sheet. Question 3  Under the allowance method, Bad Debt Expense is debited when an account is deemed uncollectible and must be written off. Question 4 Interest on a 6-month, 10 percent, $10,000 note is calculated by multiplying $10,000 ´ 0.10 ´ 6/12.

11. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 9 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 9 Quiz Question 1  The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained earnings statement. Question 2  The activity from the balance sheet to be presented in the financing activities section of the statement of cash flows is based on an analysis of stockholders’ equity only. Question 3 The acquisition of a building by issuing bonds would be considered an investing and financing activity that did not affect cash.

12. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 10 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 10 Quiz Question 1  A current liability must be paid out of current earnings. Question 2  Most notes are not interest bearing. Question 3  Unearned revenues are received before goods are delivered or services are rendered. Question 4 The carrying value of bonds is calculated by adding the balance of the Discount on Bonds Payable account to the balance in the Bonds Payable account.

13. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 11 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 11 Quiz Question 1  A current liability must be paid out of current earnings. Question 2  Most notes are not interest bearing Question 3  Unearned revenues are received before goods are delivered or services are rendered. Question 4  The carrying value of bonds is calculated by adding the balance of the Discount on Bonds Payable account to the balance in the Bonds Payable account. Question 5  Material gains or losses on bond redemption are reported as an extraordinary item on the income statement.

14. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 12 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 12 Quiz Question 1  The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained earnings statement. Question 2  The activity from the balance sheet to be presented in the financing activities section of the statement of cash flows is based on an analysis of stockholders’ equity only. Question 3  The acquisition of a building by issuing bonds would be considered an investing and financing activity that did not affect cash. Question 4  The cash debt coverage ratio indicates a company’s ability to repay its liabilities from cash generated from operations.

15. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 13 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 13 Quiz 1.    Price-earnings ratio2.    Return on assets3.    Accounts receivable turnover ratio4.    Earnings per share5.    Payout ratio6.    Current cash debt coverage7.    Current ratio8.    Debt to assets ratio9.    Free cash flow10.    Inventory turnover

16. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 21 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 21 Quiz Question 1  A benefit of budgeting is that it provides definite objectives for evaluating performance. Question 2  Effective budgeting requires clearly defined lines of authority and responsibility. Question 3  Financial budgets must be completed before the operating budgets can be prepared. Question 4  The budgeted income statement indicates the expected profitability of operations for the next year Question 5 The budget itself and the administration of the budget are entirely accounting responsibilities

17. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Chapter 22 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556outlet.com Chapter 22 Quiz Question 1  Budget reports comparing actual results with planned objectives should be prepared only once a year. Question 2  A static budget is changed only when actual activity is different from the level of activity expected. Question 3  Management by exception means that management will investigate areas where actual results differ from planned results if the items are material and controllable. Question 4  Budget reports provide the feedback needed by management to see whether actual operations are on course.

18. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Crooked Scenario 2 Part 1 FOR MORE CLASSES VISIT www.acc556outlet.com Shortly after you completed your work of unpacking all the players in the CrookEd Partners drama and identifying all potential fraudulent activity that had been relayed to you (Week One Scenario Assignment), your secretary came into your office and said you had a visitor.  You inquired who it was and she said it was an accountant, C.H. Ainge O’Hart (Chainge ‘O Hart) from a local CPA firm, Inn, Kaw, Hoots (IKH).  You were familiar with this firm and familiar with their reputation.  You also know they were the external auditors and business advisors for CrookEd Partners, as mentioned by Bubba.    You immediately dropped what you were doing and rushed out of your office to meet Mr. Hart.  He is escorted into a private office where you also invite your team.

19. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Final Part 1 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556outlet.com Final  Part 1 Question 1  Under the corporate form of business organization Question 2  Accountants do not attempt to measure the change in a plant asset's market value during ownership because Question 3 Budget reports provide the feedback needed by management to see whether actual operations are on course. Question 4  Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.

20. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Final Part 1 and 2 FOR MORE CLASSES VISIT www.acc556outlet.com Final  Part 1 Question 1  Under the corporate form of business organization Question 2  Accountants do not attempt to measure the change in a plant asset's market value during ownership because Question 3  Budget reports provide the feedback needed by management to see whether actual operations are on course. Question 4  Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance. Question 5  A corporation is not an entity that is separate and distinct from its owners

21. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Final Part 2 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556outlet.com Final  Part 2 Question 1  A manager of a cost center is evaluated mainly on Question 2  Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%.Sales                                                 $ 1,400,000Controllable margin                                  160,000Total average assets                             4,000,000Fixed costs                                              100,000What is the ROI for the year? Question 3  Ratios are used as tools in financial analysis

22. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Midterm Part 1 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556outlet.com ACC 556 - Midterm part 1  · Question 1 Source documents can provide evidence that a transaction has occurred  · Question 2 Expense recognition is tied to revenue recognition.  · Question 3 To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks.  · Question 4 An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will  eventually be collected.

23. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Midterm Part 1 and 2 FOR MORE CLASSES VISIT www.acc556outlet.com ACC 556 - Midterm part 1 · Question 1 Source documents can provide evidence that a transaction has occurred  · Question 2 Expense recognition is tied to revenue recognition. · Question 3 To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks.  · Question 4 An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected.

24. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Midterm Part 2 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556outlet.com ACC 556 - Midterm part 2 Question 1•Which of these would cause the inventory turnover ratio to increase the most?Question 2•Bad Debt Expense is considered•Question 3A trial balance proves•Question 4Fehr Company sells merchandise on account for $5,000 to Kelly Company with credit terms of 2/10, n/30. Kelly Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?

25. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 1 Crooked Scenario 1 FOR MORE CLASSES VISIT www.acc556outlet.com ACC 556 Week 1 Crooked Scenario 1

26. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 1 Sherlock Homes FOR MORE CLASSES VISIT www.acc556outlet.com ACC 556 Week 1 Sherlock Homes

27. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com • ACC 556 Week 1 Short Answer Quiz • FOR MORE CLASSES VISIT • www.acc556outlet.com • INDIVIDUAL ASSIGNMENT • Complete the Week 1 Short Answer Quiz. • Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. • 1. What is the Association of Certified Fraud Examiners (ACEF) and what do they do? – • 2. Define fraud.  • 3. Distinguish between fraudulent financial statements, asset misappropriation and corruption. • 4. Using Table 1.1 Types of Fraud, define employee fraud and management fraud and identify the victim and perpetrator in each type of fraud. • 5.  Who commits fraud? • 6.  Describe each of the elements of the Fraud Triangle.

28. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 WEEK 3 Assessing the Impact of Asset Misappropriation FOR MORE CLASSES VISIT www.acc556outlet.com INDIVIDUAL ASSIGNMENT Write a 1,050 word paper on the impact of asset misappropriation on an organization of your choice. Include the following as headings for your paper: • What was the fraud? • Who committed this fraud? • Why did they commit this fraud? • How did they commit this fraud? • How did they get caught? • What are the consequences and impact for the individual and the organization?

29. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 3 Crooked Scenario 3 FOR MORE CLASSES VISIT www.acc556outlet.com 1. Define and describe Theft Act Investigative Methods. 2. What is a Vulnerability Chart and how, when and why is it used? 3. Define Invigilation and discuss how, when and why it is used. 4. Discuss the steps in obtaining electronic evidence. 5. To what are Concealment Investigative Methods primarily related? 6. Discuss the following concealment investigative techniques: a. Audits 7. What is Discovery Sampling and what are some of its pitfalls and challenges? 8. For what two purposes are Conversion Searches conducted? 9. From Chapter 9 select eight total investigative sources (two each from Governmental, Private, Online and Internet Search sources), and describe how you might use these in investigating fraud.

30. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 4 Impact of Corruption FOR MORE CLASSES VISIT www.acc556outlet.com Write a 1,250-1,400-word paper on the impact of corruption on an organization of your choice in APA format with in-text citations and references. Include the following: ·         Who committed this corruption? ·         Why did they commit this corruption? ·         How did they commit this corruption? ·         How did they get caught? ·         What are the consequences and impact for the individual and the organization?

31. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 5 Comparing the Impact FOR MORE CLASSES VISIT www.acc556outlet.com ACC 556 Week 5 Comparing the Impact

32. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 5 Crooked Scenario 5 FOR MORE CLASSES VISIT www.acc556outlet.com ACC 556 Week 5 Crooked Scenario 5

33. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 5 Memorandum Proactive Method of Fraud Detection FOR MORE CLASSES VISIT www.acc556outlet.com INDIVIDUAL ASSIGNMENT Write a 600-800 word memo to your accounting committee on fraud detection discussing the 6 steps of the Proactive Method of Fraud Detection found in figure 6.1 of Chapter 6.  Include methods to gather information about a business, questions that should be asked, and examples of fraud symptoms. Please use a memo format for this assignment and reference the Proactive Method of Fraud Detection from your textbook. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document.

34. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 6 Assignment 1 Financial Analysis (4 Papers, Apple, Lowe's, Mc Donalds, Walmart) FOR MORE CLASSES VISIT www.acc556outlet.com This Tutorial contains 4 Different Papers (Apple, Lowe's, Mc Donalds, Walmart) ACC 556 Week 6 Assignment 1 Financial Analysis Assignment 1: Financial Analysis worth 160 pointsUse the Internet or Str databases to research one (1) publicly traded company and review its last annual report. Use an investor’s view to perform financial analysis and discuss various non-financial factors impacting investment decision. Write a two to three (2-3) page paper in which you: 1. From an investor’s view, review the last annual report for chosen company. Use financial analysis tools of liquidity, profitability, and solvency to evaluate the company’s performance and reasons for investing or not

35. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 6 fraud symptoms and mitigation FOR MORE CLASSES VISIT www.acc556outlet.com INDIVIDUAL ASSIGNMENT Prepare 7-10 Power Point slides discussing common business fraud symptoms and mitigation actions that can be taken to help deter and detect fraud.  Choose some elements from Chapter 5: Recognizing the Symptoms of Fraud to discuss in your presentation keeping with the theme of the assignment. Please use the “Notes” section below each PowerPoint slide to explain your ideas clearly.

36. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 6 Short Answer Quiz FOR MORE CLASSES VISIT www.acc556outlet.com Complete the Week 6 Short Answer Quiz. Click the Assignment Files tab to submit your assignment as a Microsoft® Word Document. Copy and paste the questions  onto a Word document.  Write a brief response using the information found in Chapter 4 and integrate it with what you have learned in the course this semester. Submit your assignment on the Assignments tab. ·         What does it mean to create a “Culture of Honesty, Openness, and Assistance?”  Give an example from an organization with which you have been affiliated.

37. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com ACC 556 Week 10 Assignment 2 Budget Planning and Control (3 Papers) FOR MORE CLASSES VISIT www.acc556outlet.com This Tutorial contains 3 Different Papers Assignment 2: Budget Planning and ControlDue Week 10 and worth 160 pointsUse the Internet and / or databases to research budget planning and control. Imagine that the company that you currently work for, have previously worked for, or would like to work for in the future has tasked you with preparing a budget plan. Write a three to four (3-4) page paper in which you: 1.Describe the company that you currently work for, have previously worked for, or would like to work for in the future. Determine at least two (2) compelling reasons that this company should prepare and manage a budget. Predict the two (2) most likely positive and negative financial outcomes for this company if it properly or improperly performs effective budgeting.

38. ACC 556 OUTLET Empowering and Inspiring/acc556outlet.com