ACC 556 ASSIST Invent Yourself/acc556assist.com

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ACC 556 ASSIST Invent Yourself/acc556assist.com
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ACC 556 ASSIST Invent Yourself/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)ACC 556 Chapter 7
Quiz (100 Score)
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ACC 556 ASSIST Invent Yourself/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   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
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ACC 556 ASSIST Invent Yourself/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.
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ACC 556 ASSIST Invent Yourself/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 Salaries and wages payable
is a type of expense.  Question 5
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ACC 556 ASSIST Invent Yourself/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 entry when services are
performed.  Question 4 When closing entries are
prepared, each income statement account is closed
directly to retained earnings.
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ACC 556 ASSIST Invent Yourself/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   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.
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ACC 556 ASSIST Invent Yourself/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 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  
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ACC 556 ASSIST Invent Yourself/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. Question 3   Under an effective
system of internal control, errors occur only as
a result of fraud or dishonesty. Question 4
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ACC 556 ASSIST Invent Yourself/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. Question 3   Under the allowance method,
Bad Debt Expense is debited when an account is
deemed uncollectible and must be written off.
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ACC 556 ASSIST Invent Yourself/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.
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ACC 556 ASSIST Invent Yourself/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. 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 ASSIST Invent Yourself/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.
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ACC 556 ASSIST Invent Yourself/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. 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
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ACC 556 ASSIST Invent Yourself/acc556assist.com
ACC 556 Chapter 13 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556assist.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 ASSIST Invent Yourself/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. 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  
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ACC 556 ASSIST Invent Yourself/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. 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.
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ACC 556 ASSIST Invent Yourself/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. Question 4  
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ACC 556 ASSIST Invent Yourself/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. Question 4  
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ACC 556 ASSIST Invent Yourself/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                                 
160,000Total average assets                      
       4,000,000Fixed costs                   
                          100,000 What is the
ROI for the year?
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ACC 556 ASSIST Invent Yourself/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 occurr
ed   Question 2 Expense recognition is tied to r
evenue recognition.
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ACC 556 ASSIST Invent Yourself/acc556assist.com
ACC 556 Midterm Part 1 and 2 FOR MORE CLASSES
VISIT www.acc556assist.com   ACC 556 - Midterm pa
rt 1 Question 1 Source documents can provide evi
dence that a transaction has occurred  
Question 2 Expense recognition is tied to revenue 
recognition.   Question 3 To obtain maximum bene
fit from a bank reconciliation, the reconciliation
 should be prepared by the employee authorized to 
sign checks.  
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ACC 556 ASSIST Invent Yourself/acc556assist.com
ACC 556 Midterm Part 2 (100 Correct Answers)
FOR MORE CLASSES VISIT www.acc556assist.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
proves
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ACC 556 ASSIST Invent Yourself/acc556assist.com
ACC 556 Week 6 Assignment 1 Financial Analysis (4
Papers, Apple, Lowe's, Mc Donalds, Walmart) FOR
MORE CLASSES VISIT www.acc556assist.com   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.
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ACC 556 ASSIST Invent Yourself/acc556assist.com
ACC 556 Week 10 Assignment 2 Budget Planning and
Control (3 Papers) FOR MORE CLASSES VISIT
www.acc556assist.com   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.
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ACC 547 MASTER InventYourself/acc547master.com