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ACC 556 All Chapter Quizzes FOR MORE CLASSES
VISIT www.acc556outlet.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)
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ACC 556 Chapter 1 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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.
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ACC 556 Chapter 2 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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.
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ACC 556 Chapter 3 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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.
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ACC 556 Chapter 4 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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
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ACC 556 Chapter 5 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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.
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ACC 556 Chapter 6 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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 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.
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ACC 556 Chapter 7 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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.
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ACC 556 Chapter 8 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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 when an account is
deemed uncollectible and must be written
off. Question 4  Interest on a 6-month, 10
percent, 10,000 note is calculated by
multiplying 10,000 0.10 6/12.
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ACC 556 Chapter 9 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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 investing and financing activity
that did not affect cash.
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ACC 556 Chapter 10 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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.
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ACC 556 Chapter 11 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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.
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ACC 556 Chapter 12 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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 companys ability
to repay its liabilities from cash generated from
operations.
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ACC 556 Chapter 13 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.com 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
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ACC 556 Chapter 21 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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
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ACC 556 Chapter 22 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556outlet.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. Questi
on 4  Budget reports provide the feedback needed
by management to see whether actual operations
are on course.
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ACC 556 Crooked Scenario 2 Part 1 FOR MORE
CLASSES VISIT www.acc556outlet.com Shortly after
you completed your work of unpacking all the
players in the CrookEd Partners drama and
identifying all potential fraudulent activity
that had been relayed to you (Week One Scenario
Assignment), your secretary came into your office
and said you had a visitor.  You inquired who it
was and she said it was an accountant, C.H. Ainge
OHart (Chainge O Hart) from a local CPA firm,
Inn, Kaw, Hoots (IKH).  You were familiar with
this firm and familiar with their reputation. 
You also know they were the external auditors and
business advisors for CrookEd Partners, as
mentioned by Bubba.    You immediately dropped
what you were doing and rushed out of your office
to meet Mr. Hart.  He is escorted into a private
office where you also invite your team.
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ACC 556 Final Part 1 (100 Correct Answers) FOR
MORE CLASSES VISIT www.acc556outlet.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.
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ACC 556 Final Part 1 and 2 FOR MORE CLASSES VISIT
www.acc556outlet.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
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ACC 556 Final Part 2 (100 Correct Answers) FOR
MORE CLASSES VISIT www.acc556outlet.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                                 
160,000Total average assets                      
       4,000,000Fixed costs                   
                          100,000 What is the
ROI for the year? Question 3  Ratios are used as
tools in financial analysis
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ACC 556 Midterm Part 1 (100 Correct Answers) FOR
MORE CLASSES VISIT www.acc556outlet.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 reven
ue recognition.   Question 3 To obtain maximum be
nefit from a bank reconciliation, the reconciliati
on should be prepared by the employee authorized t
o sign checks.   Question 4 An aging of accounts 
receivable schedule is based on the premise that t
he longer the period an account remains unpaid, th
e greater the probability that it will  eventually
 be collected.
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ACC 556 Midterm Part 1 and 2 FOR MORE CLASSES
VISIT www.acc556outlet.com ACC 556 - Midterm part
 1 Question 1 Source documents can provide evide
nce that a transaction has occurred  
Question 2 Expense recognition is tied to revenue 
recognition.   Question 3 To obtain maximum benef
it from a bank reconciliation, the reconciliation 
should be prepared by the employee authorized to s
ign checks.   Question 4 An aging of accounts rec
eivable schedule is based on the premise that the 
longer the period an account remains unpaid, the g
reater the probability that it will eventually be 
collected.
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ACC 556 Midterm Part 2 (100 Correct Answers) FOR
MORE CLASSES VISIT www.acc556outlet.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 consideredQuestion 3A trial balance
provesQuestion 4Fehr 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?
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ACC 556 Week 1 Crooked Scenario 1 FOR MORE
CLASSES VISIT www.acc556outlet.com ACC 556 Week
1 Crooked Scenario 1
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ACC 556 Week 1 Sherlock Homes FOR MORE CLASSES
VISIT www.acc556outlet.com ACC 556 Week 1
Sherlock Homes
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ACC 556 Week 1 Short Answer Quiz FOR MORE CLASSES
VISIT www.acc556outlet.com INDIVIDUAL
ASSIGNMENT Complete the Week 1 Short Answer
Quiz. Click the Assignment Files tab to submit
your assignment as a Microsoft Word document. 1.
What is the Association of Certified Fraud
Examiners (ACEF) and what do they do? 2. Define
fraud.  3. Distinguish between fraudulent
financial statements, asset misappropriation and
corruption. 4. Using Table 1.1 Types of Fraud,
define employee fraud and management fraud and
identify the victim and perpetrator in each type
of fraud. 5.  Who commits fraud? 6.  Describe
each of the elements of the Fraud Triangle.
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ACC 556 WEEK 3 Assessing the Impact of Asset
Misappropriation FOR MORE CLASSES VISIT
www.acc556outlet.com INDIVIDUAL ASSIGNMENT Write
a 1,050 word paper on the impact of asset
misappropriation on an organization of your
choice. Include the following as headings for
your paper What was the fraud? Who committed
this fraud? Why did they commit this fraud?
How did they commit this fraud? How did they
get caught? What are the consequences and
impact for the individual and the organization?
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ACC 556 Week 3 Crooked Scenario 3 FOR MORE
CLASSES VISIT www.acc556outlet.com 1. Define and
describe Theft Act Investigative Methods. 2. What
is a Vulnerability Chart and how, when and why is
it used? 3. Define Invigilation and discuss how,
when and why it is used. 4. Discuss the steps in
obtaining electronic evidence. 5. To what are
Concealment Investigative Methods primarily
related? 6. Discuss the following concealment
investigative techniques a. Audits 7. What is
Discovery Sampling and what are some of its
pitfalls and challenges? 8. For what two purposes
are Conversion Searches conducted? 9. From
Chapter 9 select eight total investigative
sources (two each from Governmental, Private,
Online and Internet Search sources), and describe
how you might use these in investigating fraud.
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ACC 556 Week 4 Impact of Corruption FOR MORE
CLASSES VISIT www.acc556outlet.com Write a
1,250-1,400-word paper on the impact of
corruption on an organization of your choice in
APA format with in-text citations and
references. Include the following          Who
committed this corruption?          Why did they
commit this corruption?          How did they
commit this corruption?          How did they
get caught?          What are the consequences
and impact for the individual and the
organization?
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ACC 556 Week 5 Comparing the Impact FOR MORE
CLASSES VISIT www.acc556outlet.com ACC 556 Week
5 Comparing the Impact
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ACC 556 Week 5 Crooked Scenario 5 FOR MORE
CLASSES VISIT www.acc556outlet.com ACC 556 Week
5 Crooked Scenario 5
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ACC 556 Week 5 Memorandum Proactive Method of
Fraud Detection FOR MORE CLASSES VISIT
www.acc556outlet.com INDIVIDUAL
ASSIGNMENT Write a 600-800 word memo to your
accounting committee on fraud detection
discussing the 6 steps of the Proactive Method of
Fraud Detection found in figure 6.1 of Chapter
6.  Include methods to gather information about a
business, questions that should be asked, and
examples of fraud symptoms. Please use a memo
format for this assignment and reference the
Proactive Method of Fraud Detection from your
textbook. Click the Assignment Files tab to
submit your assignment as a Microsoft Word
document.
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ACC 556 Week 6 Assignment 1 Financial Analysis (4
Papers, Apple, Lowe's, Mc Donalds, Walmart) FOR
MORE CLASSES VISIT www.acc556outlet.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 pointsUse 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 two to three (2-3) page paper
in which you 1. From an investors view, review
the last annual report for chosen company. Use
financial analysis tools of liquidity,
profitability, and solvency to evaluate the
companys performance and reasons for investing
or not
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ACC 556 Week 6 fraud symptoms and mitigation FOR
MORE CLASSES VISIT www.acc556outlet.com INDIVIDUA
L ASSIGNMENT Prepare 7-10 Power Point slides
discussing common business fraud symptoms and
mitigation actions that can be taken to help
deter and detect fraud.  Choose some elements
from Chapter 5 Recognizing the Symptoms of
Fraud to discuss in your presentation keeping
with the theme of the assignment. Please use the
Notes section below each PowerPoint slide to
explain your ideas clearly.
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ACC 556 Week 6 Short Answer Quiz FOR MORE CLASSES
VISIT www.acc556outlet.com Complete the Week 6
Short Answer Quiz. Click the Assignment Files tab
to submit your assignment as a Microsoft Word
Document. Copy and paste the questions  onto a
Word document.  Write a brief response using the
information found in Chapter 4 and integrate it
with what you have learned in the course this
semester. Submit your assignment on the
Assignments tab.          What does it mean to
create a Culture of Honesty, Openness, and
Assistance?  Give an example from an
organization with which you have been affiliated.
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ACC 556 Week 10 Assignment 2 Budget Planning and
Control (3 Papers) FOR MORE CLASSES VISIT
www.acc556outlet.com This Tutorial contains 3
Different 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. 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 for in the future.
Determine at least two (2) compelling reasons
that this company should prepare and manage a
budget. Predict the two (2) most likely positive
and negative financial outcomes for this company
if it properly or improperly performs effective
budgeting.
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