ACC 556 ASSIST STR Introduction Education--acc556assist.com

1. ACC 556 ASSIST STR Introduction Education--acc556assist.com

2. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 All Chapter Quizzes FOR MORE CLASSES VISIT www.acc556assist.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)

3. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 1 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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

4. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 2 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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.

5. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 3 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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

6. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 4 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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

7. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 5 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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

8. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 6 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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

9. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 7 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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.

10. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 8 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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.

11. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 9 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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

12. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 10 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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.

13. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 11 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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.

14. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 12 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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.

15. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 13 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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

16. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 21 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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.

17. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Chapter 22 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.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.

18. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Final Part 1 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556assist.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.

19. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Final Part 1 and 2 FOR MORE CLASSES VISIT www.acc556assist.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.

20. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Final Part 2 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556assist.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                                  160,000

21. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Midterm Part 1 (100% Correct Answers) FOR MORE CLASSES VISIT www.acc556assist.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.

22. ACC 556 ASSIST STR Introduction Education--acc556assist.com ACC 556 Midterm Part 1 and 2 FOR MORE CLASSES VISIT www.acc556assist.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.

23. ACC 556 ASSIST STR Introduction Education--acc556assist.com