ACC 556 ASSIST STR Introduction Education--acc556assist.com

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ACC 556 ASSIST STR Introduction
Education--acc556assist.com
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ACC 556 ASSIST STR Introduction
Education--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)
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ACC 556 ASSIST STR Introduction
Education--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
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ACC 556 ASSIST STR Introduction
Education--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 STR Introduction
Education--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
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ACC 556 ASSIST STR Introduction
Education--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
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ACC 556 ASSIST STR Introduction
Education--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
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ACC 556 ASSIST STR Introduction
Education--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    
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ACC 556 ASSIST STR Introduction
Education--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.
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ACC 556 ASSIST STR Introduction
Education--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.
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ACC 556 ASSIST STR Introduction
Education--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. Question 3
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ACC 556 ASSIST STR Introduction
Education--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.
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ACC 556 ASSIST STR Introduction
Education--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 STR Introduction
Education--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.
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ACC 556 ASSIST STR Introduction
Education--acc556assist.com
ACC 556 Chapter 13 Quiz (100 Score) FOR MORE
CLASSES VISIT www.acc556assist.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
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ACC 556 ASSIST STR Introduction
Education--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.
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ACC 556 ASSIST STR Introduction
Education--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.
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ACC 556 ASSIST STR Introduction
Education--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.
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ACC 556 ASSIST STR Introduction
Education--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.
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ACC 556 ASSIST STR Introduction
Education--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                                  160,000
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ACC 556 ASSIST STR Introduction
Education--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 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.
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ACC 556 ASSIST STR Introduction
Education--acc556assist.com
ACC 556 Midterm Part 1 and 2 FOR MORE CLASSES
VISIT www.acc556assist.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.
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ACC 556 ASSIST STR Introduction
Education--acc556assist.com