ACC 556 GUIDE Success Secrets/ acc556guide.com

1
ACC 556 GUIDE Success Secrets/ acc556guide.com
2
ACC 556 GUIDE Success Secrets
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)
3
ACC 556 GUIDE Success Secrets
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.
4
ACC 556 GUIDE Success Secrets
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 current level of operations.
Question 4 In order for information to be
relevant, it must be reported on a monthly basis.
5
ACC 556 GUIDE Success Secrets
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.
6
ACC 556 GUIDE Success Secrets
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.
7
ACC 556 GUIDE Success Secrets
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.
8
ACC 556 GUIDE Success Secrets
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
9
ACC 556 GUIDE Success Secrets
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
result of fraud or dishonesty.
10
ACC 556 GUIDE Success Secrets
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 balance sheet.
Question 3 Under the allowance method
11
ACC 556 GUIDE Success Secrets
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.
12
ACC 556 GUIDE Success Secrets
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.
13
ACC 556 GUIDE Success Secrets
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.
14
ACC 556 GUIDE Success Secrets
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.
15
ACC 556 GUIDE Success Secrets
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
16
ACC 556 GUIDE Success Secrets
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
17
ACC 556 GUIDE Success Secrets
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 where actual
results differ from planned results if the items
are material and controllable.
18
ACC 556 GUIDE Success Secrets
ACC 556 Crooked Scenario 2 Part 1 FOR MORE
CLASSES VISIT www.acc556guide.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.
19
ACC 556 GUIDE Success Secrets
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 Intangible
assets are rights, privileges, and competitive
advantages that result from ownership of
long-lived assets without physical substance.
20
ACC 556 GUIDE Success Secrets
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 assets
without physical substance.
21
ACC 556 GUIDE Success Secrets
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? Question 3 Ratios are
used as tools in financial analysis Question 4
22
ACC 556 GUIDE Success Secrets
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 account remains unpaid,
the greater the probability that it will
eventually be collected.
23
ACC 556 GUIDE Success Secrets
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 account
remains unpaid, the greater the probability that
it will eventually be collected.
24
ACC 556 GUIDE Success Secrets
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 discount
period. What is the amount of the check?
25
ACC 556 GUIDE Success Secrets
ACC 556 Week 1 Crooked Scenario 1 FOR MORE
CLASSES VISIT www.acc556guide.com ACC 556
Week 1 Crooked Scenario 1
26
ACC 556 GUIDE Success Secrets
ACC 556 Week 1 Sherlock Homes FOR MORE CLASSES
VISIT www.acc556guide.com ACC 556 Week 1
Sherlock Homes
27
ACC 556 GUIDE Success Secrets
ACC 556 Week 1 Short Answer Quiz FOR MORE
CLASSES VISIT www.acc556guide.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.
28
ACC 556 GUIDE Success Secrets
ACC 556 WEEK 3 Assessing the Impact of Asset
Misappropriation FOR MORE CLASSES VISIT
www.acc556guide.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?
29
ACC 556 GUIDE Success Secrets
ACC 556 Week 3 Crooked Scenario 3 FOR MORE
CLASSES VISIT www.acc556guide.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
30
ACC 556 GUIDE Success Secrets
ACC 556 Week 4 Impact of Corruption FOR MORE
CLASSES VISIT www.acc556guide.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?
31
ACC 556 GUIDE Success Secrets
ACC 556 Week 5 Comparing the Impact FOR MORE
CLASSES VISIT www.acc556guide.com ACC 556
Week 5 Comparing the Impact
32
ACC 556 GUIDE Success Secrets
ACC 556 Week 5 Crooked Scenario 5 FOR MORE
CLASSES VISIT www.acc556guide.com ACC 556
Week 5 Crooked Scenario 5
33
ACC 556 GUIDE Success Secrets
ACC 556 Week 5 Memorandum Proactive Method of
Fraud Detection FOR MORE CLASSES VISIT
www.acc556guide.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.
34
ACC 556 GUIDE Success Secrets
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.
35
ACC 556 GUIDE Success Secrets
ACC 556 Week 6 fraud symptoms and mitigation
FOR MORE CLASSES VISIT www.acc556guide.com
NDIVIDUAL 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.
36
ACC 556 GUIDE Success Secrets
ACC 556 Week 6 Short Answer Quiz FOR MORE
CLASSES VISIT www.acc556guide.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.
37
ACC 556 GUIDE Success Secrets
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.
38
(No Transcript)