ACC 556 Slingshot Academy / acc556assist.com

1
ACC 556 Slingshot Academy / acc556assist.com
www.acc556assist.com
For more Courses
2
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 All Chapter Quizzes
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)
3
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 1 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. 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.
4
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 2 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. 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 Slingshot Academy / acc556assist.com
ACC 556 Chapter 3 Quiz (100 Score)
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.
6
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 4 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. 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
7
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 5 Quiz (100 Score)
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.
8
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 6 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 consignors ending
inventory  
9
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 7 Quiz (100 Score)
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.
10
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 8 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. Question 2   Allowance
for Doubtful Accounts is a contra account that is
deducted from Accounts Receivable on the balance
sheet.
11
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 9 Quiz (100 Score)
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.
12
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 10 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. 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.
13
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 11 Quiz (100 Score)
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 Slingshot Academy / acc556assist.com
ACC 556 Chapter 12 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.
15
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 13 Quiz (100 Score)
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
16
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 21 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.
17
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Chapter 22 Quiz (100 Score)
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 Slingshot Academy / acc556assist.com
ACC 556 Final Part 1 (100 Correct Answers)
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 Slingshot Academy / acc556assist.com
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 Question 3   Budget reports
provide the feedback needed by management to see
whether actual operations are on course.
20
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Final Part 2 (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.
21
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Midterm Part 1 (100 Correct Answers)
ACC 556 - Midterm part 1   Question 1 Source doc
uments can provide evidence that a transaction has
 occurred   Question 2 Expense recognition is ti
ed to revenue recognition.   Question 3 To obtai
n maximum benefit from a bank reconciliation, the 
reconciliation should be p
22
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Midterm Part 1 and 2
ACC 556 - Midterm part 1 Question 1 Source docum
ents can provide evidence that a transaction has o
ccurred   Question 2 Expense recognition is tied
 to revenue recognition.   Question 3 To obtain 
maximum benefit from a bank reconciliation, the re
conciliation should be prepared by the employee au
thorized to sign checks.  
23
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Midterm Part 2 (100 Correct Answers)
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 proves
24
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Week 6 Assignment 1 Financial Analysis (4
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.
25
ACC 556 Slingshot Academy / acc556assist.com
ACC 556 Week 10 Assignment 2 Budget Planning and
Control (3 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.
26
ACC 556 Slingshot Academy / acc556assist.com
www.acc556assist.com
For more Courses