ACC 556 Slingshot Academy / acc556outlet.com

1. ACC 556 Slingshot Academy / acc556outlet.com For More Tutorials www.acc556outlet.com

2. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 All Chapter Quizzes ACC 556 Chapter 1 Quiz (100% Score) • 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) • 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.

3. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Chapter 2 Quiz (100% Score) ACC 556 Chapter 3 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. • 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.

4. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Chapter 4 Quiz (100% Score) ACC 556 Chapter 5 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. • 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.

5. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Chapter 6 Quiz (100% Score) ACC 556 Chapter 7 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 • 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.

6. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Chapter 8 Quiz (100% Score) ACC 556 Chapter 9 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. • 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.

7. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Chapter 10 Quiz (100% Score) ACC 556 Chapter 11 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. • 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.

8. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Chapter 12 Quiz (100% Score) ACC 556 Chapter 13 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. • Chapter 13 Quiz1.    Price-earnings ratio2.    Return on assets3.    Accounts receivable turnover ratio4.    Earnings per share5.    Payout ratio

9. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Chapter 21 Quiz (100% Score) ACC 556 Chapter 22 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. • 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.

10. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Final Part 1 (100% Correct Answers) 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 • 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

11. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Final Part 2 (100% Correct Answers) ACC 556 Midterm Part 1 (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%.Sales                                              $ 1,400,000Controllable margin           160,000 • 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 author

12. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Midterm Part 1 and 2 ACC 556 Midterm Part 2 (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 prepared by the employee author • 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

13. ACC 556 Slingshot Academy / acc556outlet.com ACC 556 Week 6 Assignment 1 Financial Analysis (4 Papers, Apple, Lowe's, Mc Donalds, Walmart) ACC 556 Week 10 Assignment 2 Budget Planning and Control (3 Papers) • This Tutorial contains 4 Different Papers (Apple, Lowe's, Mc Donalds, Walmart)ACC 556 Week 6 Assignment 1 Financial AnalysisAssignment 1: Financial Analysisworth 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. • This Tutorial contains 3 Different PapersAssignment 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.

14. ACC 556 Slingshot Academy / acc556outlet.com For More Tutorials www.acc556outlet.com