ACC 556 STR Learn/uophelp.com

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ACC 556 Experience Tradition/uophelp.com

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 All Chapter Quizzes
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• 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)

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Chapter 1 Quiz (100 Score)
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• 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.

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Chapter 2 Quiz (100 Score)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Chapter 3 Quiz (100 Score)
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• 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.

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Chapter 4 Quiz (100 Score)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Chapter 5 Quiz (100 Score)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Chapter 6 Quiz (100 Score)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Chapter 7 Quiz (100 Score)
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• 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 disbursements is improved if
  major expenditures are paid by check.

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Chapter 8 Quiz (100 Score)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Chapter 9 Quiz (100 Score)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Chapter 10 Quiz (100 Score)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Chapter 11 Quiz (100 Score)
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• 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.

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Chapter 12 Quiz (100 Score)
• For more course tutorials visit
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• 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.

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Chapter 13 Quiz (100 Score)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Chapter 21 Quiz (100 Score)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Chapter 22 Quiz (100 Score)
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• 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.
• Question 4

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Final Part 1 (100 Correct Answers)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Final Part 1 and 2
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• 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.

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Final Part 2 (100 Correct Answers)
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• 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

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Midterm Part 1 (100 Correct Answers)
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• 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 Experience Tradition/uophelp.com

• ACC 556 Midterm Part 1 and 2
• For more course tutorials visit
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• 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 Experience Tradition/uophelp.com

• ACC 556 Midterm Part 2 (100 Correct Answers)
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• 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

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Week 6 Assignment 1 Financial Analysis (4
  Papers, Apple, Lowe's, Mc Donalds, Walmart)
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• 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 impacting investment
  decision.
• Write a two to three (2-3) page paper in which
  you

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ACC 556 Experience Tradition/uophelp.com

• ACC 556 Week 10 Assignment 2 Budget Planning and
  Control (3 Papers)
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• 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 (3-4) page paper in which
  you
• 1.Describe the company that you currently work
  for, have previously worked for, or would like to
  work for in the future. Determine at least two
  (2) compelling reasons that this company should
  prepare and manage a budget.

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ACC 556 Experience Tradition/uophelp.com

• For more course tutorials visit
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