ACC 556 GUIDE GREAT WISDOM \ acc556guide.com

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ACC 556 GUIDE GREAT WISDOM\acc556guide.com
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ACC 556 GUIDE GREAT WISDOM
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)
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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 consignors 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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
be considered an
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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?
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM
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 investors view to perform
financial analysis and discuss various
non-financial factors impacting investment
decision. Write a
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ACC 556 GUIDE GREAT WISDOM
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
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ACC 556 GUIDE GREAT WISDOM