ACC 556 Slingshot Academy / acc556assist.com

1. ACC 556 Slingshot Academy / acc556assist.com www.acc556assist.com For more Courses

2. ACC 556 Slingshot Academy / acc556assist.com ACC 556 All Chapter Quizzes 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)

3. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 1 Quiz (100% Score) 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.

4. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 2 Quiz (100% Score) 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.

5. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 3 Quiz (100% Score) 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 Slingshot Academy / acc556assist.com ACC 556 Chapter 4 Quiz (100% Score) 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 Slingshot Academy / acc556assist.com ACC 556 Chapter 5 Quiz (100% Score) 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.

8. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 6 Quiz (100% Score) 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

9. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 7 Quiz (100% Score) 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.

10. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 8 Quiz (100% Score) 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.

11. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 9 Quiz (100% Score) 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.

12. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 10 Quiz (100% Score) 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 Slingshot Academy / acc556assist.com ACC 556 Chapter 11 Quiz (100% Score) 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.

14. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 12 Quiz (100% Score) 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.

15. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 13 Quiz (100% Score) 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 Slingshot Academy / acc556assist.com ACC 556 Chapter 21 Quiz (100% Score) 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.

17. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Chapter 22 Quiz (100% Score) 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.

18. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Final Part 1 (100% Correct Answers) 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.

19. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Final Part 1 and 2 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.

20. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Final Part 2 (100% Correct Answers) 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%.

21. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Midterm Part 1 (100% Correct Answers) 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 p

22. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Midterm Part 1 and 2 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.

23. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Midterm Part 2 (100% Correct Answers) 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

24. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Week 6 Assignment 1 Financial Analysis (4 Papers, Apple, Lowe's, Mc Donalds, Walmart) ACC 556 Week 6 Assignment 1 Financial Analysis Assignment 1: Financial Analysis worth 160 points Use 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.

25. ACC 556 Slingshot Academy / acc556assist.com ACC 556 Week 10 Assignment 2 Budget Planning and Control (3 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.

26. ACC 556 Slingshot Academy / acc556assist.com www.acc556assist.com For more Courses