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ACC 556 GUIDE Educational Resources - acc556guide.com

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ACC 556 GUIDE Educational Resources - acc556guide.com

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  1. ACC 556 GUIDE Educational Resources / acc556guide.com

  2. ACC 556 GUIDE Educational Resources ACC 556 All Chapter Quizzes FOR MORE CLASSES VISIT www.acc556guide.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) ACC 556 Chapter 13 Quiz (100% Score) ACC 556 Chapter 21 Quiz (100% Score) ACC 556 Chapter 22 Quiz (100%

  3. ACC 556 GUIDE Educational Resources ACC 556 Chapter 1 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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. Question 5 Claims of creditors and owners on the assets of a business are called liabilities. Question 6 A

  4. ACC 556 GUIDE Educational Resources ACC 556 Chapter 2 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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. Question 5 For accounting purposes, business transactions should be kept separate from the personal transactions of the stockholders of the business Question 6 In a

  5. ACC 556 GUIDE Educational Resources ACC 556 Chapter 3 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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. · Question 6 If total liabilities decreased by $4,000, then · Question 7 An

  6. ACC 556 GUIDE Educational Resources ACC 556 Chapter 4 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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 · Question 6 Management

  7. ACC 556 GUIDE Educational Resources ACC 556 Chapter 5 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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. Question 5 With the periodic inventory system, goods available for sale must be calculated before cost of goods sold. Question

  8. ACC 556 GUIDE Educational Resources ACC 556 Chapter 6 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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. Question 5 The FIFO

  9. ACC 556 GUIDE Educational Resources ACC 556 Chapter 7 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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. Question 6 Which of the following is not one of the main factors

  10. ACC 556 GUIDE Educational Resources ACC 556 Chapter 8 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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

  11. ACC 556 GUIDE Educational Resources ACC 556 Chapter 9 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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

  12. ACC 556 GUIDE Educational Resources ACC 556 Chapter 10 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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. Question 5 Material gains or losses on bond redemption are reported as an extraordinary item on the income statement. Question 6

  13. ACC 556 GUIDE Educational Resources ACC 556 Chapter 11 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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. Question 6

  14. ACC 556 GUIDE Educational Resources ACC 556 Chapter 12 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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

  15. ACC 556 GUIDE Educational Resources ACC 556 Chapter 13 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.com Chapter 13 Quiz 1. Price-earnings ratio 2. Return on assets 3. Accounts receivable turnover ratio 4. Earnings per share 5. Payout ratio 6. Current cash debt coverage 7. Current ratio 8. Debt to assets ratio 9. Free cash flow 10. Inventory turnover

  16. ACC 556 GUIDE Educational Resources ACC 556 Chapter 21 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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 Question 6 Why are budgets useful in the planning process? Question 7 Which of the

  17. ACC 556 GUIDE Educational Resources ACC 556 Chapter 22 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556guide.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

  18. ACC 556 GUIDE Educational Resources ACC 556 Final Part 1 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556guide.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 Question 6 The market rate of interest is often called the

  19. ACC 556 GUIDE Educational Resources ACC 556 Final Part 1 and 2 FOR MORE CLASSES VISIT www.acc556guide.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

  20. ACC 556 GUIDE Educational Resources ACC 556 Final Part 2 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556guide.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 $ 1,400,000 Controllable margin 160,000 Total average assets 4,000,000 Fixed costs 100,000 What is the ROI for the year? Question 3 Ratios are used as tools in financial analysis Question 4 Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle?

  21. ACC 556 GUIDE Educational Resources ACC 556 Midterm Part 1 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556guide.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. · Question 5 A concentration of credit risk is a threat of nonpayment from a single customer or

  22. ACC 556 GUIDE Educational Resources ACC 556 Midterm Part 1 and 2 FOR MORE CLASSES VISIT www.acc556guide.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

  23. ACC 556 GUIDE Educational Resources ACC 556 Midterm Part 2 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556guide.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 3 A trial balance proves •Question 4 Fehr 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? •Question 5 A revenue

  24. ACC 556 GUIDE Educational Resources ACC 556 Week 6 Assignment 1 Financial Analysis (4 Papers, Apple, Lowe's, Mc Donalds, Walmart) FOR MORE CLASSES VISIT www.acc556guide.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 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. Write a two to three (2-3) page paper in which you: 1. From an investor’s view,

  25. ACC 556 GUIDE Educational Resources ACC 556 Week 10 Assignment 2 Budget Planning and Control (3 Papers) FOR MORE CLASSES VISIT www.acc556guide.com This Tutorial contains 3 Different Papers Assignment 2: Budget Planning and Control Due Week 10 and worth 160 points Use 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

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