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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)ACC 556 Chapter 8 Quiz (100
Score)ACC 556 Chapter 9 Quiz (100 Score)ACC
556 Chapter 10 Quiz (100 Score)
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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  One way of stating
the accounting equation is Assets Liabilities
Stockholders Equity.
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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. Question 4  In order for
information to be relevant, it must be reported
on a monthly basis.
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ACC 556 ASSIST Real Tradition Real
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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.
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ACC 556 ASSIST Real Tradition Real
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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 Real Tradition Real
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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. Question 4 Freight-out appears
as an operating expense in the income statement.
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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  Question3  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  
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ACC 556 ASSIST Real Tradition Real
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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  Control over cash disbursements is improved if
major expenditures are paid by check.
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ACC 556 ASSIST Real Tradition Real
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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. Question 4  Interest on a 6-month, 10
percent, 10,000 note is calculated by
multiplying 10,000 0.10 6/12.
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ACC 556 ASSIST Real Tradition Real
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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  The
acquisition of a building by issuing bonds would
be considered an investing and financing activity
that did not affect cash.
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ACC 556 ASSIST Real Tradition Real
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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 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. 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 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.
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ACC 556 ASSIST Real Tradition Real
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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 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 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 Real Tradition Real
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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 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  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 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 Real Tradition Real
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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 reven
ue recognition.   Question 3 To obtain maximum be
nefit from a bank reconciliation, the reconciliati
on should be prepared by the employee authorized t
o sign checks.   Question 4 An aging of accounts 
receivable schedule is based on the premise that t
he longer the period an account remains unpaid, th
e greater the probability that it will  eventually
 be collected.
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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 evide
nce that a transaction has occurred  
Question 2 Expense recognition is tied to revenue 
recognition.   Question 3 To obtain maximum benef
it from a bank reconciliation, the reconciliation 
should be prepared by the employee authorized to s
ign checks.   Question 4 An aging of accounts rec
eivable schedule is based on the premise that the 
longer the period an account remains unpaid, the g
reater the probability that it will eventually be 
collected.  
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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 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. Write a two to three (2-3) page paper
in which you 1. From an investors view, review
the last annual report for chosen company. Use
financial analysis tools of liquidity,
profitability, and solvency to evaluate the
companys performance and reasons for investing
or not investing. Include the companys ranking
in the industry, and its major competitors.
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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.Write a three to four (3-4) page
paper in which you1.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. Predict the two (2) most likely positive
and negative financial outcomes for this company
if it properly or improperly performs effective
budgeting.
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