ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

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ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 All Chapter Quizzes

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)

ACC 556 Chapter 11 Quiz (100% Score)

ACC 556 Chapter 12 Quiz (100% Score)

ACC 556 Chapter 13 Quiz (100% Score)

ACC 556 Chapter 21 Quiz (100% Score)

ACC 556 Chapter 22 Quiz (100% Score)

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 1 Quiz (100% Score)

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.

Question 5

Claims of creditors and owners on the assets of a business are called liabilities.

Question 6

A business organized as a corporation

Question 7

The accounting equation may be expressed as

Question 8

Which of the following activities involves collecting the necessary funds to support the business?

Question 9

Which of the following is an asset?

Question 10

Which of the following would not be considered an external user of accounting data for the Julian Company?

Question 11

Ashley’s Accessory Shop started the year with total assets of $140,000 and total liabilities of $80,000. During the year the business recorded $220,000 in revenues, $110,000 in expenses, and dividends of $40,000. The net income reported by Ashley’s Accessory Shop for the year was

Question 12

Stockholders’ equity is comprised of

Question 13

Marvin Services Corporation had the following accounts and balances:

If the balance of the Buildings account was $42,000 and $3,000 of Accounts Payable were paid in cash, what would be the balance of the total stockholders’ equity?

Question 14

All of the following are interrelationships that are important to understand when preparing financial statements except

Question 15

External users want answers to all of the following questions except

Question 16

Which of the following statements is not true regarding the Sarbanes-Oxley Act (SOX)?

Question 17

When expenses exceed revenues, which of the following is true?

Question 18

The financial statement that summarizes the changes in retained earnings for a specific period of time is the

Question 19

Which of the following is not a common way that managers use the balance sheet?

Question 20

Match the items below by entering the appropriate code letter in the space provided.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 10 Quiz (100% Score)

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.

Question 5

Material gains or losses on bond redemption are reported as an extraordinary item on the income statement.

Question 6

Liabilities are classified on the balance sheet as current or

Question 7

With an interest-bearing note, the amount of assets received upon issuance of the note is generally

Question 8

The interest charged on a $70,000 note payable, at the rate of 6%, on a 90-day note would be

Question 9

On January 1, 2014, Keisler Company, a calendar-year company, issued $700,000 of notes payable, of which $175,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is

Question 10

Norlan Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $29,400. If the sales tax rate is 5%, what amount must be remitted to the state for October’s sales taxes?

Question 11

Stockholders of a company may be reluctant to finance expansion through issuing more equity because

Question 12

Which of the following is not an advantage of issuing bonds instead of common stock?

Question 13

When authorizing bonds to be issued, the board of directors does not specify the

Question 14

If the market rate of interest is 10%, a $10,000, 12%, 10-year bond that pays interest annually would sell at an amount

Question 15

If bonds are issued at a discount, it means that the

Question 16

In the balance sheet, the account Discount on Bonds Payable is

Question 17

If bonds have been issued at a discount, then over the life of the bonds the

Question 18

Ervay Company has $875,000 of bonds outstanding. The unamortized premium is $12,600. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption?

Question 19

The relationship between current assets and current liabilities is

Question 20

Match the items below by entering the appropriate code letter in the space provided.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 11 Quiz (100% Score)

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.

Question 5

Material gains or losses on bond redemption are reported as an extraordinary item on the income statement.

Question 6

Liabilities are classified on the balance sheet as current or

Question 7

With an interest-bearing note, the amount of assets received upon issuance of the note is generally

Question 8

The interest charged on a $70,000 note payable, at the rate of 6%, on a 90-day note would be

Question 9

On January 1, 2014, Keisler Company, a calendar-year company, issued $700,000 of notes payable, of which $175,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is

Question 10

Norlan Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $29,400. If the sales tax rate is 5%, what amount must be remitted to the state for October’s sales taxes?

Question 11

Stockholders of a company may be reluctant to finance expansion through issuing more equity because

Question 12

Which of the following is not an advantage of issuing bonds instead of common stock?

Question 13

When authorizing bonds to be issued, the board of directors does not specify the

Question 14

If the market rate of interest is 10%, a $10,000, 12%, 10-year bond that pays interest annually would sell at an amount

Question 15

If bonds are issued at a discount, it means that the

Question 16

In the balance sheet, the account Discount on Bonds Payable is

Question 17

If bonds have been issued at a discount, then over the life of the bonds the

Question 18

Ervay Company has $875,000 of bonds outstanding. The unamortized premium is $12,600. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption?

Question 19

The relationship between current assets and current liabilities is

Question 20

Match the items below by entering the appropriate code letter in the space provided.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 12 Quiz (100% Score)

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.

Question 4

The cash debt coverage ratio indicates a company’s ability to repay its liabilities from cash generated from operations.

Question 5

The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time.

Question 6

The statement of cash flows

Question 7

Generally, the most important category on the statement of cash flows is cash flows from

Question 8

Assume that the Quinn Corporation uses the indirect method to depict cash flows. Indicate where, if at all, interest paid on note would be classified on the statement of cash flows

Question 9

Which of the following transactions does not affect cash during a period?

Question 10

Zoum Corporation had the following transactions during 2014:

1 – Issued $125,000 of par value common stock for cash.
2 – Recorded and paid wages expense of $60,000.
3 – Acquired land by issuing common stock of par value $50,000.
4 – Declared and paid a cash dividend of $10,000.
5 – Sold a long-term investment (cost $3,000) for cash of $3,000.
6 – Recorded cash sales of $400,000.
7 – Bought inventory for cash of $160,000.
8 – Acquired an investment in Zynga stock for cash of $21,000.
9 – Converted bonds payable to common stock in the amount of $500,000.
10 – Repaid a 6 year note payable in the amount of $220,000.

What is the net cash provided by financing activities?

Question 11

In order to determine net cash provided by operating activities, a company must convert net income from an accrual basis to a cash basis under

Question 12

The information to prepare the statement of cash flows comes from all of the following sources except

Question 13

Peninsula Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $21,000, accounts payable decreased by $9,000 and depreciation expense of $45,000 was recorded. Net cash provided by operating activities for the year is

Question 14

In calculating cash flows from operating activities using the indirect method, a loss on the sale of equipment will appear as a(n)

Question 15

The net income reported on the income statement for the current year was $440,000. Depreciation was $62,000. Accounts receivable and inventories decreased by $20,000 and $32,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $2,000 and $16,000. How much cash was provided by operating activities?

Question 16

The statement of cash flows will not provide insight into

Question 17

Laser Performance Inc. has the following information available (amount in thousands).
Net Income                                                     $30,000
Average Total Liabilities                                   80,000
Average Current Liabilities                               36,000
Cash Provided by Operations                          48,000
Cash Sales                                                     130,000
Capital Expenditures                                        22,000
Dividends Paid                                                   6,000

What is the current cash debt coverage?

Question 18

Authentic Exposure Company had the following transactions that took place during the year:
I.    Paid amount owing to suppliers $2,750.
II.   Purchased new equipment for $5,000 by signing a long-term note payable.
III.  Purchased a patent and paid $15,000 cash for the asset.

How what is the total effect of these transactions on Free Cash Flow, Current Cash Debt Coverage, and Cash Debt Coverage respectively?
Free                          Current Cash Debt                         Cash Debt
Cash Flow                             Coverage                                Coverage

Question 19

All of the following statements are true regarding cash flow presentations except

Question 20

For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the indirect method.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 13 Quiz (100% Score)

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
9.    Free cash flow
10.    Inventory turnover

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 2 Quiz (100% Score)

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.

Question 5

For accounting purposes, business transactions should be kept separate from the personal transactions of the stockholders of the business

Question 6

In a classified balance sheet, assets are usually classified as

Question 7

Equipment is classified on the balance sheet as

Question 8

Use the following data to determine the total dollar amount of assets to be classified as current assets.

Question 9

N3 Corporation has assets of $3,000,000, common stock of $780,000, and retained earnings of $475,000. What are the creditors’ claims on their assets?

Question 10

The following information is available for Bradshaw Corporation and Newell Corporation:

Based on this information, the earnings per share calculations (rounded to two decimals)

Question 11

Reporting a net income of $95,000 will

Question 12

Based on the following data, what is the amount of current assets?
Accounts payable………………………………………………………..             $62,000
Accounts receivable……………………………………………………..             100,000
Cash……………………………………………………………………….              50,000
Intangible assets…………………………………………………………             100,000
Inventory………………………………………………………………….             138,000
Long-term investments………………………………………………….             160,000
Long-term liabilities………………………………………………………            200,000
Short-term investments………………………………………………….              80,000
Notes payable…………………………………………………………….              56,000
Property, plant, and equipment……………………………………………      1,340,000
Prepaid insurance………………………………………………………..                2,000

Question 13

Using the following balance sheet and income statement data, what is the debt to assets ratio?
Current assets                      $  14,000                  Net income                      $  21,000
Current liabilities                        8,000                  Stockholders’ equity            39,000
Average assets                       80,000                  Total liabilities                      21,000
Total assets                             60,000
Average common shares outstanding was 10,000.

Question 14

Which of the following is not considered a measure of liquidity?

Question 15

Free cash flow provides an indication of a company’s ability to

Question 16

If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true?

Question 17

Accounting information should be neutral in order to enhance

Question 18

The principle that indicates that assets should be reported at the price received to sell an asset is the

Question 19

Garrison Company prepares quarterly reports, which it distributes to all stockholders and other entities that rely on its accounting information. Which of the following is the best term for the key assumption in financial reporting that Garrison is following?

Question 20

Each of the following statements is justified by a fundamental quality or an enhancing of quality accounting. Write the letter in the blank next to each statement corresponding to the quality involved.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 21 Quiz (100% Score)

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

Question 5

The budget itself and the administration of the budget are entirely accounting responsibilities

Question 6

Why are budgets useful in the planning process?

Question 7

Which of the following statements about budget acceptance in an organization is true?

Question 8

The budget committee would not normally include the

Question 9

Which of the following is not an operating budget?

Question 10

The production budget shows expected unit sales are 100,000. The required production units are 104,000. What are the beginning and desired ending finished goods units, respectively?

Question 11

A company budgeted unit sales of 204,000 units for January, 2013 and 240,000 units for February 2013. The company has a policy of having an inventory of units on hand at the end of each month equal to 30% of next month’s budgeted unit sales. If there were 61,200 units of inventory on hand on December 31, 2012, how many units should be produced in January, 2013 in order for the company to meet its goals?

Question 12

The following information is taken from the production budget for the first quarter:

Beginning inventory in units                                 1,200
Sales budgeted for the quarter                        456,000
Production capacity in units                             472,000

How many finished goods units should be produced during the quarter if the company desires 3,200 units available to start the next quarter?

Question 13

A company determined that the budgeted cost of producing a product is $30 per unit. On June 1, there were 80,000 units on hand, the sales department budgeted sales of 300,000 units in June, and the company desires to have 120,000 units on hand on June 30. The budgeted cost of goods manufactured for June would be

Question 14

The single most important output in preparing financial budgets is the

Question 15

What is the proper preparation sequencing of the following budgets?

1 – Budgeted Balance Sheet
2 – Sales Budget
3 – Selling and Administrative Budget
4 – Budgeted Income Statement

Question 16

The formula for determining budgeted merchandise purchases is budgeted

Question 17

Orange Co. is a manufacturer and Pineapple Company is a merchandiser. What is the difference in the budgets the two entities will prepare?

Question 18

The primary benefits of budgeting include all of the following except it

Question 19

The budget that is often considered to be the most important financial budget is the

Question 20

Match the items below by entering the appropriate code letter in the space provided.

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ACC 556 Chapter 22 Quiz (100% Score)

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

Budget reports provide the feedback needed by management to see whether actual operations are on course.

Question 5

The manager of an investment center can improve ROI by reducing average operating assets.

Question 6

What is budgetary control?

Question 7

A static budget is appropriate in evaluating a manager’s performance if

Question 8

What is the primary difference between a static budget and a flexible budget?

Question 9

If a company plans to sell 48,000 units of product but sells 60,000, the most appropriate comparison of the cost data associated with the sales will be by a budget based on

Question 10

Nikoto Steel Co. budgeted manufacturing costs for 50,000 tons of steel are:

Fixed manufacturing costs            $50,000 per month
Variable manufacturing costs       $12.00 per ton of steel

Nikoto produced 40,000 tons of steel during March. How much is the flexible budget for total manufacturing costs for March?

Question 11

At 18,000 direct labor hours, the flexible budget for indirect materials is $36,000. If $37,400 are incurred at 18,400 direct labor hours, the flexible budget report should show the following difference for indirect materials

Question 12

Top management can control

Question 13

A manager of a cost center is evaluated mainly on

Question 14

Given below is an excerpt from a management performance report:

  Budget                   Actual                     Difference   

Contribution margin                            $600,000                $580,000             $20,000  U
Controllable fixed costs                       $200,000                $220,000             $20,000  U

The manager’s overall performance

Question 15

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 16

A measure frequently used to evaluate the performance of the manager of an investment center is

Question 17

What is the goal of residual income?

Question 18

Which of the following would not be considered an aspect of budgetary control?

Question 19

All of the following statements are correct about management by exception except it

Question 20

Match the items below by entering the appropriate code letter in the space provided.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

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.

· Question 4

Salaries and wages payable is a type of expense.

· Question 5

Operating activities are the types of activities the company performs to generate profits.

· Question 6

If total liabilities decreased by $4,000, then

· Question 7

An expense

· Question 8

Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not?

· Question 9

Which statement about an account is true?

· Question 10

Which one of the following represents the expanded basic accounting equation?

· Question 11

Which of the following is not an example of a source document that provides evidence of a transaction?

· Question 12

The primary purpose of the trial balance is to

· Question 13

Which of the following statements is not true?

· Question 14

All of the following are characteristics of every accounting information system except it is a system

· Question 15

On June 1, 2014, England Inc. reported a cash balance of $21,000. During June, England made deposits of $8,000 and made disbursements totaling $24,000. What is the cash balance at the end of June?

· Question 16

All of the following statements regarding the double-entry system are true except

· Question 17

Borrowing money and issuing shares of stock are

· Question 18

The purpose of the ledger is to

· Question 19

Which statement is incorrect?

· Question 20

Match the items below by entering the appropriate code letter in the space provided.

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ACC 556 Chapter 4 Quiz (100% Score)

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.

· Question 5

The accounting cycle begins with the journalizing of the transactions

· Question 6

Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns.

· Question 7

A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be recognized?

· Question 8

Which statement is correct?

· Question 9

Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting.
Cash received from customers                        $48,000
Accounts receivable                                          12,000
Cash paid for expenses                                     26,000
Accounts payable (related to expenses)             3,000
Prepaid rent for next period                                 7,000

· Question 10

Accrued expenses are:

· Question 11

If a resource has been consumed but a bill has not been received at the end of the accounting period, then:

· Question 12

Depreciation is the process of:

· Question 13

If a company fails to adjust a Prepaid Rent account for rent that has expired, what effect will this have on that month’s financial statements?

· Question 14

Why do generally accepted accounting principles require the application of the revenue recognition principle?

· Question 15

Which of the following would not result in unearned revenue?

· Question 16

Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause:

· Question 17

At the end of the fiscal year, the usual adjusting entry for accrued salaries owed to employees was omitted. Which of the following statements is true?

· Question 18

Can financial statements be prepared directly from the adjusted trial balance?

· Question 19

Which statement is correct concerning the adjusted trial balance?

· Question 20

Match the items below by entering the appropriate code letter in the space provided.

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ACC 556 Chapter 5 Quiz (100% Score)

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.

Question 5

With the periodic inventory system, goods available for sale must be calculated before cost of goods sold.

Question 6

Merchandising companies that sell to retailers are known as

Question 7

The primary source of revenue for a wholesaler is

Question 8

Which of the following is a true statement about inventory systems?

Question 9

Which of the following items does not result in an adjustment in the merchandise inventory account under a perpetual system?

Question 10

Farwell Company purchased merchandise with an invoice price of $2,000 and credit terms of 1/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?

Question 5

With the periodic inventory system, goods available for sale must be calculated before cost of goods sold.

Question 6

Merchandising companies that sell to retailers are known as

Question 7

The primary source of revenue for a wholesaler is

Question 8

Which of the following is a true statement about inventory systems?

Question 9

Which of the following items does not result in an adjustment in the merchandise inventory account under a perpetual system?

Question 10

Farwell Company purchased merchandise with an invoice price of $2,000 and credit terms of 1/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?

Question 11

As the president of Harter Company, you notice that no discounts have been taken when settling accounts payables. What would be an acceptable explanation?

Question 12

A sales invoice is prepared when goods

Question 13

The Sales Returns and Allowances account does not provide information to management about

Question 14

The collection of a $700 account beyond the 2 percent discount period will result in a

Question 15

Which statement is incorrect?

Question 16

Multiple-step income statements show

Question 17

Financial information is presented below:
Operating expenses                         $  28,000
Sales returns and allowances                7,000
Sales discounts                                      3,000
Sales revenue                                    150,000
Cost of goods sold                               91,000

The gross profit rate would be

Question 18

What is an advantage of using the multiple-step income statement?

Question 19

Which of the following provides the best rationale regarding analysts’ views about the information value of the gross profit rate versus the gross profit amount?

Question 20

Match the items below by entering the appropriate code letter in the space provided.

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ACC 556 Chapter 6 Quiz (100% Score)

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 consignor’s 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 method is rarely used because most companies do not sell the last goods they purchase first.

Question 5

The FIFO reserve is a required disclosure for companies that use FIFO.

Question 6

Manufactured inventory that has begun the production process but is not yet completed is

Question 7

Which of the following should not be included in the physical inventory of a company?

Question 8

At December 31, 2014 Howell Company’s inventory records indicated a balance of $858,000. Upon further investigation it was determined that this amount included the following:
$168,000 in inventory purchases made by Howell shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd
$111,000 in goods sold by Howell with terms FOB destination on December 27^th. The goods are not expected to reach their destination until January 6^th.
$9,000 of goods received on consignment from Westwood Company

What is Howell’s correct ending inventory balance at December 31, 2014?

Question 9

Noise Makers Inc has the following inventory data:
July 1            Beginning inventory          20 units at $19       $ 380
7            Purchases                         70 units at $20      1,400
22            Purchases                         10 units at $22         220
$2,000

A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the average cost method, the value of ending inventory is

Question 10

Inventory costing methods place primary reliance on assumptions about the flow of

Question 11

Many companies use just-in-time inventory methods. Which of the following is not an advantage of this method?

Question 12

Which of the following statements is correct with respect to inventories?

Question 13

In periods of rising prices, which is an advantage of using the LIFO inventory costing method?

Question 14

Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:
Product                     Cost                 Market   
A                      $57,000             $60,000
B                        40,000               38,000
C                        80,000               81,000

If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be

Question 15

Selection of an inventory costing method by management does not usually depend on

Question 16

Which statement concerning lower of cost or market (LCM) is incorrect?

Question 17

Use the following information regarding Black Company and Red Company to answer the question “Which of the following is Red Company’s “cost of goods sold” for 2014 (to the closest dollar)?”

Question 18

A low number of days in inventory may indicate all of the following except

Question 19

The LIFO reserve is

Question 20

Match the items below by entering the appropriate code letter in the space provided.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 7 Quiz (100% Score)

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.

Question 5

Cash equivalents are highly liquid investments that can be converted into a specific amount of cash.

Question 6

Which of the following is not one of the main factors that contribute to fraudulent activity?

Question 7

Under the concept of establishment of responsibility, how many people should have the ultimate responsibility?

Question 8

A consequence of separation of duties is that

Question 9

In large companies, the independent internal verification procedure is often assigned to

Question 10

Sam’s Grocery Store has the following policy. ‘Only one cashier can have access to a cash drawer.’ Which internal control principle supports this policy?

Question 11

Supervisors counting cash receipts daily is an example of

Question 12

Blank checks

Question 13

All of the following are true regarding bank statements except

Question 14

Which of the following would be added to the balance per bank on a bank reconciliation?

Question 15

Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry:

Question 16

Clark Company developed the following reconciling information in preparing its September bank reconciliation:
Cash balance per bank, 9/30                               $30,800
Note receivable collected by bank                         16,800
Outstanding checks                                               25,200
Deposits in transit                                                  12,600
Bank service charge                                                   210
NSF check                                                               3,360

Using the above information, determine the cash balance per books (before adjustments) for the Clark Company.

Question 17

Of the following employees, who should prepare the bank reconciliation?

Question 18

In the month of May, Lopat Company Inc. wrote checks in the amount of $55,500. In June, checks in the amount of $75,948 were written. In May, $50,808 of these checks were presented to the bank for payment, and $65,298 in June. What is the amount of outstanding checks at the end of May?

Question 19

All of the following are true regarding the management and monitoring of cash except

Question 20

Match the items below by entering the appropriate code letter in the space provided.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 8 Quiz (100% Score)

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.

Question 5

If a company has significant concentrations of credit risk, it must discuss this risk in the notes to its financial statements.

Question 6

Interest is usually associated with

Question 7

On January 15, Nifty Company sells merchandise on account to Martinez Associates for $3,000 with terms 3/10, n/30. On January 20, Martinez returns merchandise worth $600 to Nifty. On January 24, payment is received from Martinez for the balance due. What is the amount of cash received?

Question 8

The expense recognition

Question 9

Which one of the following is not a principle of sound accounts receivable management?

Question 10

Bad Debt Expense is considered

Question 11

When an account is written off using the allowance method, the

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.

Question 5

If a company has significant concentrations of credit risk, it must discuss this risk in the notes to its financial statements.

Question 6

Interest is usually associated with

Question 7

On January 15, Nifty Company sells merchandise on account to Martinez Associates for $3,000 with terms 3/10, n/30. On January 20, Martinez returns merchandise worth $600 to Nifty. On January 24, payment is received from Martinez for the balance due. What is the amount of cash received?

Question 8

The expense recognition

Question 9

Which one of the following is not a principle of sound accounts receivable management?

Question 10

Bad Debt Expense is considered

Question 11

When an account is written off using the allowance method, the

Question 12

All of the following statements regarding the financial statement presentation of receivables are true except:

Question 13

Which of the following is not true regarding a promissory note?

Question 14

The bookkeeper recorded the following journal entry
Allowance for Doubtful Accounts               1,000
Accounts Receivable – Richard James                      1,000

Which one of the following statements is false?

Question 15

The direct write-off method is acceptable for financial reporting purposes only if the bad debt losses are insignificant.

Question 16

When calculating interest on a promissory note with the maturity date stated in terms of days, the

Question 17

The interest on a $4,000, 9%, 90-day note receivable is

Question 18

Which of the following is a way of disposing of a note receivable?

Question 19

The accounts receivable turnover

Question 20

Match the items below by entering the appropriate code letter in the space provided.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Chapter 9 Quiz (100% Score)

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.

Question 4

The cash debt coverage ratio indicates a company’s ability to repay its liabilities from cash generated from operations.

Question 5

The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time.

Question 6

The statement of cash flows

Question 7

Generally, the most important category on the statement of cash flows is cash flows from

Question 8

Assume that the Quinn Corporation uses the indirect method to depict cash flows. Indicate where, if at all, interest paid on note would be classified on the statement of cash flows.

Question 9

Which of the following transactions does not affect cash during a period?

Question 10

Zoum Corporation had the following transactions during 2014:

1 – Issued $125,000 of par value common stock for cash.
2 – Recorded and paid wages expense of $60,000.
3 – Acquired land by issuing common stock of par value $50,000.
4 – Declared and paid a cash dividend of $10,000.
5 – Sold a long-term investment (cost $3,000) for cash of $3,000.
6 – Recorded cash sales of $400,000.
7 – Bought inventory for cash of $160,000.
8 – Acquired an investment in Zynga stock for cash of $21,000.
9 – Converted bonds payable to common stock in the amount of $500,000.
10 – Repaid a 6 year note payable in the amount of $220,000.

What is the net cash provided by financing activities?

Question 11

In order to determine net cash provided by operating activities, a company must convert net income from an accrual basis to a cash basis under

Question 12

The information to prepare the statement of cash flows comes from all of the following sources except

Question 13

Peninsula Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $21,000, accounts payable decreased by $9,000 and depreciation expense of $45,000 was recorded. Net cash provided by operating activities for the year is

Question 14

In calculating cash flows from operating activities using the indirect method, a loss on the sale of equipment will appear as a(n)

Question 15

The net income reported on the income statement for the current year was $440,000. Depreciation was $62,000. Accounts receivable and inventories decreased by $20,000 and $32,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $2,000 and $16,000. How much cash was provided by operating activities?

Question 16

The statement of cash flows will not provide insight into

Question 17

Laser Performance Inc. has the following information available (amount in thousands).
Net Income                                                     $30,000
Average Total Liabilities                                   80,000
Average Current Liabilities                               36,000
Cash Provided by Operations                          48,000
Cash Sales                                                     130,000
Capital Expenditures                                        22,000
Dividends Paid                                                   6,000

What is the current cash debt coverage?

Question 18

Authentic Exposure Company had the following transactions that took place during the year:
I.    Paid amount owing to suppliers $2,750.
II.   Purchased new equipment for $5,000 by signing a long-term note payable.
III.  Purchased a patent and paid $15,000 cash for the asset.

How what is the total effect of these transactions on Free Cash Flow, Current Cash Debt Coverage, and Cash Debt Coverage respectively?
Free                          Current Cash Debt                         Cash Debt
Cash Flow                             Coverage                                Coverage

Question 19

All of the following statements are true regarding cash flow presentations except

Question 20

For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the indirect method.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Final Part 1 (100% Correct Answers)

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.

Question 5

A corporation is not an entity that is separate and distinct from its owners

Question 6

The market rate of interest is often called the

Question 7

A current liability is a debt that can reasonably be expected to be paid

Question 8

A budget can be used as a basis for evaluating performance.

Question 9

Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase (decrease) that has taken place.

Question 10

Bonds with a face value of $400,000 and a quoted price of 104¼ have a selling price of

Question 11

The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time.

Question 12

On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is

Question 13

One objective of the income statement is to separate the results of continuing operations from those of discontinued operations.

Question 14

All of the following are true regarding financial statement analysis ratios associated with liabilities except

Question 15

A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions.

Question 16

A master budget is most useful in evaluating a manager’s performance in controlling costs.

Question 17

The master budget reflects management’s long-term plans encompassing five years or more.

Question 18

The debt to assets ratio measures the percentage of the total assets provided by creditors

Question 19

A company whose current liabilities exceed its current assets may have a liquidity problem.

Question 20

During 2014, Phelps Corporation reported net sales of $3,000,000, net income of $1,320,000, and depreciation expense of $80,000. Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Phelps’s asset turnover ratio is

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Final Part 1 and 2

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.

Question 5

A corporation is not an entity that is separate and distinct from its owners

Question 6

The market rate of interest is often called the

Question 7

A current liability is a debt that can reasonably be expected to be paid

Question 8

A budget can be used as a basis for evaluating performance.

Question 9

Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase (decrease) that has taken place.

Question 10

Bonds with a face value of $400,000 and a quoted price of 104¼ have a selling price of

Question 11

The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time.

Question 12

On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is

Question 13

One objective of the income statement is to separate the results of continuing operations from those of discontinued operations.

Question 14

All of the following are true regarding financial statement analysis ratios associated with liabilities except

Question 15

A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions.

Question 16

A master budget is most useful in evaluating a manager’s performance in controlling costs.

Question 17

The master budget reflects management’s long-term plans encompassing five years or more.

Question 18

The debt to assets ratio measures the percentage of the total assets provided by creditors

Question 19

A company whose current liabilities exceed its current assets may have a liquidity problem.

Question 20

During 2014, Phelps Corporation reported net sales of $3,000,000, net income of $1,320,000, and depreciation expense of $80,000. Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Phelps’s asset turnover ratio is

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 used as tools in financial analysis

Question 4

Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle?

Question 5

A master budget consists of

Question 6

The date on which a cash dividend becomes a binding legal obligation is on the

Question 7

If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 410,000 pounds are required for January production, how many pounds of raw materials should be purchased in January?

Question 8

All of the following statements regarding changes in accounting principles are true except which of the following?

Question 9

On the basis of the budget reports,

Question 10

Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report

Question 11

The primary purpose of the statement of cash flows is to

Question 12

Cochran Corporation, Inc. has the following income statement (in millions):

COCHRAN CORPORATION, INC.

Income Statement

For the Year Ended December 31, 2014

Net Sales                                         $240
Cost of Goods Sold                             80
Gross Profit                                        160
Operating Expenses                            65
Net Income                                      $  95

Using vertical analysis, what percentage is assigned to net income?

Question 13

The following information pertains to Marsh Company. Assume that all balance sheet amounts represent average balance figures.

Total asset                                                         $400,000
Stockholders’ equity—common                           200,000
Total stockholders’ equity                                    280,000
Sales revenue                                                      120,000
Net income                                                             25,000
Number of shares of common stock                        8,000
Common dividends                                                  9,000
Preferred dividends                                                 6,000

What is Marsh’s payout ratio?

Question 14

A flexible budget

Question 15

A comparison with other companies that provides insight into a company’s competitive position is most commonly known as which of the following types of comparisons?

Question 16

Assume the following sales data for a company:

2015                         $910,000
2014                         $770,000
2013                           700,000

If 2013 is the base year, what is the percentage increase in sales from 2013 to 2014?

Question 17

Laser Performance Inc. has the following information available (amount in thousands).

Net Income                                                     $30,000
Average Total Liabilities                                   80,000
Average Current Liabilities                               36,000
Cash Provided by Operations                          48,000
Cash Sales                                                     130,000
Capital Expenditures                                        22,000
Dividends Paid                                                   6,000

What is the current cash debt coverage?

Question 18

Which of the following income statement figures would probably be the best indicator of a company’s future performance?

Question 19

Which one of the following is not a benefit of budgeting?

Question 20

The single most important output in preparing financial budgets is the

Question 21

Zoum Corporation had the following transactions during 2014:

1 – Issued $125,000 of par value common stock for cash.
2 – Recorded and paid wages expense of $60,000.
3 – Acquired land by issuing common stock of par value $50,000.
4 – Declared and paid a cash dividend of $10,000.
5 – Sold a long-term investment (cost $3,000) for cash of $3,000.
6 – Recorded cash sales of $400,000.
7 – Bought inventory for cash of $160,000.
8 – Acquired an investment in Zynga stock for cash of $21,000.
9 – Converted bonds payable to common stock in the amount of $500,000.
10 – Repaid a 6 year note payable in the amount of $220,000.

What is the net cash provided by operating activities?

Question 22

A critical factor in budgeting for a service firm is to

Question 23

If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to

Question 24

Which one of the following items is not necessary in preparing a statement of cash flows?

Question 25

Quincy Corp. earned controllable margin of $500,000 on sales of $6,400,000. The division had average operating assets of $5,200,000. The company requires a return on investment of at least 8%. How much is residual income?

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Final Part 2 (100% Correct Answers)

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 used as tools in financial analysis

Question 4

Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle?

Question 5

A master budget consists of

Question 6

The date on which a cash dividend becomes a binding legal obligation is on the

Question 7

If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 410,000 pounds are required for January production, how many pounds of raw materials should be purchased in January?

Question 8

All of the following statements regarding changes in accounting principles are true except which of the following?

Question 9

On the basis of the budget reports,

Question 10

Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report

Question 11

The primary purpose of the statement of cash flows is to

Question 12

Cochran Corporation, Inc. has the following income statement (in millions):

COCHRAN CORPORATION, INC.

Income Statement

For the Year Ended December 31, 2014

Net Sales                                         $240
Cost of Goods Sold                             80
Gross Profit                                        160
Operating Expenses                            65
Net Income                                      $  95

Using vertical analysis, what percentage is assigned to net income?

Question 13

The following information pertains to Marsh Company. Assume that all balance sheet amounts represent average balance figures.

Total asset                                                         $400,000
Stockholders’ equity—common                           200,000
Total stockholders’ equity                                    280,000
Sales revenue                                                      120,000
Net income                                                             25,000
Number of shares of common stock                        8,000
Common dividends                                                  9,000
Preferred dividends                                                 6,000

What is Marsh’s payout ratio?

Question 14

A flexible budget

Question 15

A comparison with other companies that provides insight into a company’s competitive position is most commonly known as which of the following types of comparisons?

Question 16

Assume the following sales data for a company:

2015                         $910,000
2014                         $770,000
2013                           700,000

If 2013 is the base year, what is the percentage increase in sales from 2013 to 2014?

Question 17

Laser Performance Inc. has the following information available (amount in thousands).

Net Income                                                     $30,000
Average Total Liabilities                                   80,000
Average Current Liabilities                               36,000
Cash Provided by Operations                          48,000
Cash Sales                                                     130,000
Capital Expenditures                                        22,000
Dividends Paid                                                   6,000

What is the current cash debt coverage?

Question 18

Which of the following income statement figures would probably be the best indicator of a company’s future performance?

Question 19

Which one of the following is not a benefit of budgeting?

Question 20

The single most important output in preparing financial budgets is the

Question 21

Zoum Corporation had the following transactions during 2014:

1 – Issued $125,000 of par value common stock for cash.
2 – Recorded and paid wages expense of $60,000.
3 – Acquired land by issuing common stock of par value $50,000.
4 – Declared and paid a cash dividend of $10,000.
5 – Sold a long-term investment (cost $3,000) for cash of $3,000.
6 – Recorded cash sales of $400,000.
7 – Bought inventory for cash of $160,000.
8 – Acquired an investment in Zynga stock for cash of $21,000.
9 – Converted bonds payable to common stock in the amount of $500,000.
10 – Repaid a 6 year note payable in the amount of $220,000.

What is the net cash provided by operating activities?

Question 22

A critical factor in budgeting for a service firm is to

Question 23

If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to

Question 24

Which one of the following items is not necessary in preparing a statement of cash flows?

Question 25

Quincy Corp. earned controllable margin of $500,000 on sales of $6,400,000. The division had average operating assets of $5,200,000. The company requires a return on investment of at least 8%. How much is residual income?

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Midterm Part 1 (100% Correct Answers)

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, the greater the probability that it will

eventually be collected.

· Question 5

A concentration of credit risk is a threat of nonpayment from a single customer or class of customers that could adversely affect the financial health of the company.

· Question 6

Which of the following is not a common way that managers use the balance sheet?

· Question 7

Financing activities include the purchase or sale of long-lived assets or the purchase or sale of investment securities.

· Question 8

Bathlinks Corporation has a debt to assets ratio of 73%. This tells the user of Bathlinks’s financial statements that

· Question 9

Owners of business firms are the only people who need accounting information.

· Question 10

Marvin Services Corporation had the following accounts and balances:

If the balance of the Buildings account was $45,000 and the equipment was sold for $21,000, what would be the total of stockholders’ equity?

· Question 11

Consistent use of the same accounting principles and methods is necessary for meaningful analysis of trends within a company.

· Question 12

Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.

· Question 13

Solvency ratios measure the short-term ability of the company to pay its maturing obligations.

· Question 14

The best definition of assets is the

· Question 15

The partnership form of business organization

· Question 16

Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods by the buyer.

· Question 17

Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company.

· Question 18

Which of the following would not be classified as a long-term liability?

· Question 19

The economic resources that are owned by a business are called stockholders’ equity.

· Question 20

An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system.

· Question 21

The revenue recognition principle dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied.

· Question 22

Lankston Company began the year by issuing $90,000 of common stock for cash. The company recorded revenues of $825,000, expenses of $720,000, and

paid dividends of $45,000. What was Lankston’s net income for the year?

· Question 23

The multiple-step income statement is considered more useful than the single-step income statement because it highlights the components of net income.

· Question 24

Use the following data to calculate the current ratio.

Carne Auto Supplies

Balance Sheet

December 31, 2014

Cash                                         $    35,000          Accounts payable                          $   65,000
Accounts receivable                         50,000          Salaries and wages payable                10,000
Inventory                                        70,000          Mortgage payable                              90,000
Prepaid insurance                             40,000          Total liabilities                                   $165,000
Stock investments                          80,000
Land                                               95,000
Buildings                 $100,000                               Common stock                              $120,000
Less: Accumulated                                                Retained earnings                           250,000
depreciation         (30,000)       85,000               Total stockholders’ equity          $370,000
Trademarks                                    70,000                  Total liabilities and
Total assets                                 $535,000                    stockholders’ equity                   $535

· Question 25

Which of the following is the least likely consideration that management uses when deciding whether to pay a dividend?

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Midterm Part 1 and 2

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, the greater the probability that it will eventually be collected.

· Question 5

A concentration of credit risk is a threat of nonpayment from a single customer or class of customers that could adversely affect the financial health of the company.

· Question 6

Which of the following is not a common way that managers use the balance sheet?

· Question 7

Financing activities include the purchase or sale of long-lived assets or the purchase or sale of investment securities.

· Question 8

Bathlinks Corporation has a debt to assets ratio of 73%. This tells the user of Bathlinks’s financial statements that

· Question 9

Owners of business firms are the only people who need accounting information.

· Question 10

Marvin Services Corporation had the following accounts and balances:

If the balance of the Buildings account was $45,000 and the equipment was sold for $21,000, what would be the total of stockholders’ equity?

· Question 11

Consistent use of the same accounting principles and methods is necessary for meaningful analysis of trends within a company.

· Question 12

Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.

· Question 13

Solvency ratios measure the short-term ability of the company to pay its maturing obligations.

· Question 14

The best definition of assets is the

· Question 15

The partnership form of business organization

· Question 16

Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods by the buyer.

· Question 17

Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company.

· Question 18

Which of the following would not be classified as a long-term liability?

· Question 19

The economic resources that are owned by a business are called stockholders’ equity.

· Question 20

An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system.

· Question 21

The revenue recognition principle dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied.

· Question 22

Lankston Company began the year by issuing $90,000 of common stock for cash. The company recorded revenues of $825,000, expenses of $720,000, and paid dividends of $45,000. What was Lankston’s net income for the year?

· Question 23

The multiple-step income statement is considered more useful than the single-step income statement because it highlights the components of net income.

· Question 24

Use the following data to calculate the current ratio.

Carne Auto Supplies

Balance Sheet

December 31, 2014

Cash                                         $    35,000          Accounts payable                          $   65,000
Accounts receivable                         50,000          Salaries and wages payable                10,000
Inventory                                        70,000          Mortgage payable                              90,000
Prepaid insurance                             40,000          Total liabilities                                   $165,000
Stock investments                          80,000
Land                                               95,000
Buildings                 $100,000                               Common stock                              $120,000
Less: Accumulated                                                Retained earnings                           250,000
depreciation         (30,000)       85,000               Total stockholders’ equity          $370,000
Trademarks                                    70,000                  Total liabilities and
Total assets                                 $535,000                    stockholders’ equity                   $535

· Question 25

Which of the following is the least likely consideration that management uses when deciding whether to pay a dividend?

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 is the amount of the check?

· Question 5

A revenue generally

· Question 6

A merchandiser will earn an operating income of exactly $0 when

· Question 7

Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances):
Accounts Receivable                                      $3,357,000
Allowances for Doubtful Accounts                  $     63,900

Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?

· Question 8

All of the following are characteristics of every accounting information system except it is a system

· Question 9

Receivables are

· Question 10

Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true?

· Question 11

What is an advantage of using the multiple-step income statement?

· 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 is the amount of the check?

· Question 5

A revenue generally

· Question 6

A merchandiser will earn an operating income of exactly $0 when

· Question 7

Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances):
Accounts Receivable                                      $3,357,000
Allowances for Doubtful Accounts                  $     63,900

Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?

· Question 8

All of the following are characteristics of every accounting information system except it is a system

· Question 9

Receivables are

· Question 10

Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true?

· Question 11

What is an advantage of using the multiple-step income statement?

· Question 12

The primary difference between accrued revenues and unearned revenues is that accrued revenues have:

· Question 13

Dobler Company gathered the following reconciling information in preparing its June bank reconciliation:

Cash balance per books, 6/30                               $8,400
Deposits in transit                                                       600
Notes receivable and interest collected by bank      1,480
Bank charge for check printing                                     50
Outstanding checks                                                 3,000
NSF check                                                                  280

The adjusted cash balance per books on June 30 is

· Question 14

Which of the following is least likely to help a company minimize losses as credit standards are relaxed?

· Question 15

A company usually determines the amount of supplies used during a period by:

· Question 16

If a company is given credit terms of 2/10, n/30, it should

· Question 17

Independent internal verification of the physical inventory process occurs when

· Question 18

Two companies report the same cost of goods available for sale but each employs a different inventory costing method.

If the price of goods has increased during the period, then the company using

· Question 19

At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the collections in the journal and ledger.

Which of the following is the best explanation of this type of internal control principle over cash receipts?

· Question 20

Which statement is incorrect?

· Question 21

Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns.

· Question 22

All of the following are true regarding the management and monitoring of cash except

· Question 23

If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true?

· Question 24

Which one of the following is not an objective of a system of internal controls?

· Question 25

Olympus Climbers Company has the following inventory data:
July 1            Beginning inventory          20 units at $19       $   380
7            Purchases                         70 units at $20         1,400
22            Purchases                         10 units at $22            220
$2,000

A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Midterm Part 2 (100% Correct Answers)

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 is the amount of the check?

•Question 5
A revenue generally

•Question 6
A merchandiser will earn an operating income of exactly $0 when

•Question 7
Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances):
Accounts Receivable                                      $3,357,000
Allowances for Doubtful Accounts                  $     63,900

Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?

•Question 8
All of the following are characteristics of every accounting information system except it is a system

•Question 9
Receivables are

•Question 10
Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true?

•Question 11
What is an advantage of using the multiple-step income statement?

•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 is the amount of the check?

•Question 5
A revenue generally

•Question 6
A merchandiser will earn an operating income of exactly $0 when

•Question 7
Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances):
Accounts Receivable                                      $3,357,000
Allowances for Doubtful Accounts                  $     63,900

Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?

•Question 8
All of the following are characteristics of every accounting information system except it is a system

•Question 9
Receivables are

•Question 10
Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true?

•Question 11
What is an advantage of using the multiple-step income statement?

•Question 12
The primary difference between accrued revenues and unearned revenues is that accrued revenues have:

•Question 13
Dobler Company gathered the following reconciling information in preparing its June bank reconciliation:

Cash balance per books, 6/30                               $8,400
Deposits in transit                                                       600
Notes receivable and interest collected by bank      1,480
Bank charge for check printing                                     50
Outstanding checks                                                 3,000
NSF check                                                                  280

The adjusted cash balance per books on June 30 is

•Question 14
Which of the following is least likely to help a company minimize losses as credit standards are relaxed?

•Question 15
A company usually determines the amount of supplies used during a period by:

•Question 16
If a company is given credit terms of 2/10, n/30, it should

•Question 17
Independent internal verification of the physical inventory process occurs when

•Question 18
Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using

•Question 19
At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the collections in the journal and ledger. Which of the following is the best explanation of this type of internal control principle over cash receipts?

•Question 20
Which statement is incorrect?

•Question 21
Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns.

•Question 22
All of the following are true regarding the management and monitoring of cash except

•Question 23
If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true?

•Question 24
Which one of the following is not an objective of a system of internal controls?

•Question 25
Olympus Climbers Company has the following inventory data:
July 1            Beginning inventory          20 units at $19       $   380
7            Purchases                         70 units at $20         1,400
22            Purchases                         10 units at $22            220
$2,000

A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Week 10 Assignment 2 Budget Planning and Control (3 Papers)

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. 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.

3.Propose two (2) methods and techniques that the company should use to manage its budget over time in preparation for the fact that budgets are ever changing. Justify your response.

4.Imagine that the company is facing a financial challenge that is causing the actual amounts of money that it spends to become significantly off target from its budgeted amounts. Prepare an action plan to resolve the budget misalignment. In your action plan, recommend at least one (1) budgeting technique to resolve the budget and actual discrepancies. Provide a rationale for your response.

5.Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.

Your assignment must follow these formatting requirements:

•Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.

•Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

The specific course learning outcomes associated with this assignment are:

•Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-financial performance measurements.

•Evaluate decision making tools for capital investments, budgeting, and budgeting controls.

•Analyze financial accounting tools and techniques that convert financial accounting data into information for decision making.

•Use technology and information resources to research issues in financial accounting for managers.

•Write clearly and concisely about financial accounting using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using this rubric.

ACC 556 ACC556 ACC/556 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 556 Week 6 Assignment 1 Financial Analysis (4 Papers, Apple, Lowe’s, Mc Donalds, Walmart)

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 investor’s 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 investor’s view, review the last annual report for chosen company. Use financial analysis tools of liquidity, profitability, and solvency to evaluate the company’s performance and reasons for investing or not investing. Include the company’s ranking in the industry, and its major competitors.
2. From an investor’s 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.
3. Use at least three (3) quality academic resources in this assignment.Note:Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
• Analyze and interpret financial statements.
• Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-financial performance measurements.
• Use technology and information resources to research issues in financial accounting for managers.
• Write clearly and concisely about financial accounting using proper writing mechanics.