ACC 556 OUTLET STR Education Technician / acc556outlet.com

1
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
2
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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)
3
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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 OUTLET STR Education Technician /
acc556outlet.com
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
5
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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
6
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
  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
7
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
  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
8
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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 under LIFO and average
cost flow assumptions Question 4 The LIFO
9
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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. Question 4 Control
over cash
10
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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
11
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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
12
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
  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 OUTLET STR Education Technician /
acc556outlet.com
  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 OUTLET STR Education Technician /
acc556outlet.com
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
15
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
  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
16
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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
17
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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
18
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
  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.
19
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
  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 OUTLET STR Education Technician /
acc556outlet.com
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
21
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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
22
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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,
23
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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
24
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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
25
ACC 556 OUTLET STR Education Technician /
acc556outlet.com
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
26
ACC 556 OUTLET STR Education Technician /
acc556outlet.com