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ACC 556 All Chapter Quizzes 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 Chapter 1 Quiz (100 Score)   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 Chapter 2 Quiz (100 Score) 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 Chapter 3 Quiz (100 Score)   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.
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ACC 556 Chapter 4 Quiz (100 Score) 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.
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ACC 556 Chapter 5 Quiz (100 Score) 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 Chapter 6 Quiz (100 Score)   Question 1
Raw materials inventories are the goods that a
manufacturing company has completed and are ready
to be sold to customers. 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 Chapter 7 Quiz (100 Score)   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.
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ACC 556 Chapter 8 Quiz (100 Score)   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 Chapter 9 Quiz (100 Score)  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 Chapter 10 Quiz (100 Score) 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 Chapter 11 Quiz (100 Score) 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 Chapter 12 Quiz (100 Score)   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 Chapter 13 Quiz (100 Score)   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
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ACC 556 Chapter 21 Quiz (100 Score)   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.
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ACC 556 Chapter 22 Quiz (100 Score)   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 Final Part 1 (100 Correct
Answers)   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 Final Part 1 and 2   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)   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?
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ACC 556 Midterm Part 1 (100 Correct
Answers) 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 Midterm Part 1 and 2   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 Midterm Part 2 (100 Correct
Answers)   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 Week 6 Assignment 1 Financial Analysis (4
Papers, Apple, Lowe's, Mc Donalds, Walmart) 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. 2. From an investors views, discuss
at least three (3) non-financial factors that
suggest investing in this company. These may
include environmental responsibility
(sustainability), corporate governance, etc.
Explain the main reasons why these are important
to an investor.
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ACC 556 Week 10 Assignment 2 Budget Planning and
Control (3 Papers)   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. Predict the two (2) most likely positive
and negative financial outcomes for this company
if it properly or improperly performs effective
budgeting. 2.Outline a high-level budget plan
for the company. In your high-level budget plan,
recommend the most appropriate budgeting phases
for the company.
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ACC 556 STR Course Seek Your Dream /
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The Best way to predict the Future is to create
it.....To Best way....
www.snaptutorial.com