ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

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ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 All Assignments, Wileyplus and Quizzes

Please check the details below

ACC 557 Week 3 Assignment 1 Review of Accounting Ethics (2 Paper)

ACC 557 Week 6 Assignment 2 You Are an Entrepreneur! (2 Paper)

ACC 557 Week 10 Assignment 3 You Are an Investment Analyst (2 Papers)

ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A)

ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A)

ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A)

ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A)

ACC 557 Week 4 Chapter 6 (E6-1,E6-10,E6-14,P6-3A)

ACC 557 Week 5 Chapter 7 (E7-5 E7-7 E7-14 P7-3A)

ACC 557 Week 5, Chapter 8 (E8-3, E8-5, E8-14, P8-7A)

ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)

ACC 557 Week 6 Chapter 10 (E10-9, E10-12, E10-15, P10-1A)

ACC 557 Week 7 Chapter 11 (E11-7, E11-13, E11-17, P11-3A)

ACC 557 Week 8 Chapter 12 (E12-7, E12-8, E12-12, P12-2A)

ACC 557 Week 9 Chapter 13 (E13-3, E13-4, E13-6, P13-3A)

ACC 557 Week 10 Chapter 14 (E14-3, E14-4, E14-13, P14-6A)

ACC 557 Week 2 Chapter 1 Quiz (all possible questions)

ACC 557 Week 3 Chapter 2 and Chapter 3 Quiz (all possible questions)

ACC 557 Week 4 Chapter 4 Quiz (all possible questions)

ACC 557 Week 5 Chapter 5 Quiz (all possible questions)

ACC 557 Week 5 Chapter 6 Quiz (all possible questions)

ACC 557 Week 6 Chapter 7 and 8 Quiz (all possible questions)

ACC 557 Week 7 Chapter 9 and Chapter 10 Quiz (all possible questions)

ACC 557 Week 8 Chapter 11 Quiz (all possible questions)

ACC 557 Week 9 Chapter 12 Quiz (all possible questions

)ACC 557 Week 10 Chapter 13 Quiz (all possible questions)

ACC 557 Week 11 Chapter 14 Quiz (all possible questions)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Midterm Part 1

ACC 557 Midterm Part 1     

Question 1

What is the order in which assets are generally listed on a classified balance sheet?

Question 2

The information for preparing a trial balance on a worksheet is obtained from

Question 3

The most efficient way to accomplish closing entries is to

Question 4

All of the following are property, plant, and equipment except

Question 5

On March 8, Black Candy Company bought supplies on account from the Arcade Fire Company for $550. Black Candy Company incorrectly debited Equipment for $500 and credited Accounts Payable for $500. The entries have been posted to the ledger. the correcting entry should be:

Question 6

The operating cycle of a company is the average time that is required to go from cash to

Question 7

The purpose of the post-closing trial balance is to

Question 8

The first step in posting involves

Question 9

On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will

Question 10

Which of the following are the same under both GAAP and IFRS?

Question 11

The final step in the recording process is to transfer the journal information to the

Question 12

At January 31, 2015, the balance in Aislers Inc.’s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account should be

Question 13

Transactions in a journal are recorded in

Question 14

The final step in solving an ethical dilemma is to

Question 15

Accounting consists of three basic activities which are related to economic events of an organization. These include

Question 16

The primary purpose of the statement of cash flows is to report

Question 17

Retained earnings at the end of the period is equal to

Question 18

A basic assumption of accounting assumes that the dollar is

Question 19

All of the following are steps in analyzing ethics cases in financial reporting except

Question 20

An accounting time period that is one year in length, but does not begin on January 1, is referred to as

Question 21

Which of the statements below is not true?

Question 22

Which of the following statements is nottrue?

Question 23

A company spends $15 million dollars for an office building. Over what period should the cost be written off?

Question 24

Accounts often need to be adjusted because

Question 25

Which of the following is in accordance with generally accepted accounting principles?

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A)

ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 10 Assignment 3 You Are an Investment Analyst (2 Papers)

This Tutorial contains 2 Different Papers

ACC 557  WK 10 Assignment 3 – You Are an Investment Analyst

As the representative from your accounting firm or practice, you are in charge of stock market analysis that will be presented to clients as part of professional consultation process. One of your high-profile clients is trying to determine the possible investment potential between two companies. However, before you can recommend investments to clients, you need to familiarize yourself with the background of the companies, analyze stock trends, research current events, and analyze financial statements. Select one (1) pair of these companies and conduct your analysis.

Pepsi versus Coca Cola, or Amazon versus eBay·

Write an eight to ten (8-10) page paper in which you:

1.      Analyze each company’s history, product / services, major customers, major suppliers, and leadership and provide a synopsis of each company.

2.      Based on the stock price for the timeline listed below, present a graph that illustrates the stock price of each company. Indicate conclusions that can be drawn based on the trend:
a. The day of its initial public offering
b. January 1, 2012
c. January 1, 2011
d. January 1, 2010

3.      Research and summarize at least two (2) news events (this may include mergers, acquisitions, or political issues) that occurred from 2010 to the present day and the potential impact on the stock price of each company. Indicate how this influences your investment decision related to the company.

4.      Provide an overall financial analysis for each company that highlights the key characteristics for investment and how this may impact an investor’s decision.

5.      Based on your review of the financial data for each company, indicate the accuracy and reliability of the data for making investment decision. Provide support for your conclusion.

6.      Recommend which company you consider as the better investment for your client and how you will present your recommendation. Support your recommendation with data from your analysis.

7.      Use at least four (4) 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:

1.      1.     Analyze the accounting for corporation requirements related to stock valuation, dividends, and retained earnings.

2.      2.     Determine how to value investments and how to report them based on that valuation.

3.      3.     Use technology and information resources to research issues in financial accounting.

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

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 10 Chapter 13 Quiz (all possible questions)

his Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1-

Multiple Choice Question 86

Which one of the following affects cash during a period?

Payment of an accounts payable

Recording depreciation expense

Write-off of an uncollectible account receivable

Declaration of a cash dividend

2-

Multiple Choice Question 106

Land acquired from the issuance of common stock is reported

as a financing activity.

in a separate schedule at the bottom of the statement.

as an investing activity.

as an operating activity.

3-

Multiple Choice Question 151

The information to prepare the statement of cash flows usually comes from each of the following except

the comparative balance sheet.

the current income statement.

the retained earnings statement.

additional information.

4-

Multiple Choice Question 46

The statement of cash flows will not report the

amount of checks outstanding at the end of the period.

change in the cash balance for the current period.

sources of cash in the current period.

uses of cash in the current period.

5-

Multiple Choice Question 90

Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the

cost-benefit method.

direct method.

indirect method.

working capital method

6-

Multiple Choice Question 93

In developing the cash flows from operating activities, most companies in the U. S.

prepare the operating activities section on the accrual basis.

use the direct method.

use the indirect method.

present both the indirect and direct methods in their financial reports.

7- 

Multiple Choice Question 71

Carrot Company issued common stock for proceeds of $381,000 during 2013. The company paid dividends of $90,000 and issued a long-term note payable for $95,000 in exchange for equipment during the year. The company also purchased treasury stock that had a cost of $18,000. The financing section of the statement of cash flows will report net cash inflows of

$489,000.

$183,000.

$363,000.

$273,000

8-

IFRS Multiple Choice Question 223

Each of the following items may be classified as operating or financing activities under IFRS except

dividends paid.

dividends received.

interest paid.

All of these may be classified as such.

9-

Multiple Choice Question 74

Accounts receivable arising from sales to customers amounted to $45,000 and $50,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $160,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

$205,000.

$155,000.

$165,000.

$160,000

10-

Multiple Choice Question 120

The statement of cash flows will not provide insight into

whether cash flow is greater than net income.

why dividends were not increased.

the exact proceeds of a future bond issue.

how the retirement of debt was accomplished.

11-

Multiple Choice Question 83

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

Determine the cash in all bank accounts

Determine the change in cash

Determine the cash provided by operations

Determine cash from financing and investing activities

12-

Multiple Choice Question 44

If a company reports a net loss, it

will not be able to pay cash dividends.

may still have a net increase in cash.

will not be able to get a loan.

will not be able to make capital expenditures.

13- 

Multiple Choice Question 108

In Flagg Company, net income is $280,000. If accounts receivable increased $145,000 and accounts payable decreased $50,000, net cash provided by operating activities using the indirect method is:

$475,000.

$185,000.

$85,000.

$375,000.

14-

Multiple Choice Question 56

The category that is generally considered to be the best measure of a company’s ability to continue as a going concern is

usually different from year to year.

cash flows from operating activities.

cash flows from investing activities.

cash flows from financing activities.

15-

Multiple Choice Question 150

Financing activities involve

cash receipts from sales of goods and services.

acquiring and disposing of productive long-lived assets.

lending money to other entities and collecting on those loans.

long-term liability and owners’ equity items.

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 10 Chapter 14 (E13-3, E13-4, E13-6, P13-3A)

ACC 557 Week 10 Chapter 14 (E13-3, E13-4, E13-6, P13-3A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 11 Chapter 14 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1- 

Multiple Choice Question 79

Parker Hardware Store had net credit sales of $8,000,000 and cost of goods sold of $5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The receivables turnover was

11.4 times.

12.3 times.

4.6 times.

7.7 times.

2- 

Multiple Choice Question 49

Which one of the following is not a tool in financial statement analysis?

Ratio analysis

Horizontal analysis

Vertical analysis

Circular analysis

3- 

IFRS Multiple Choice Question 243

Under IFRS, there is no classification for

changes in accounting principles.

changes in accounting estimates.

discontinued operations.

extraordinary items

4- 

Multiple Choice Question 155

ACME Company reports income before income taxes of $2,400,000 and had an extra-ordinary loss of $800,000. If the tax rate is 30%,

the income before the extraordinary item is $1,680,000.

the income before the extraordinary item is $1,920,000.

the extraordinary loss will be reported at $240,000.

the extraordinary loss would be reported on the income statement at $800,000.

5- 

Multiple Choice Question 65

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

DARIUS, INC.

Income Statement

For the Year Ended December 31, 2012

Net Sales  $300

Cost of Goods Sold  120

Gross Profit  180

Operating Expenses  44

Net Income  $136

Using vertical analysis, what percentage is assigned to Net Income?

100%

75.6%

45.3%

None of these

6- 

Multiple Choice Question 135

The following amounts were taken from the financial statements of Plant Company:

  2013  2012

Total assets  $800,000  $1,000,000

Net sales  720,000  650,000

Gross profit  352,000  320,000

Net income  126,000  117,000

Weighted average number of common shares outstanding  90,000  90,000

Market price of common stock  $35  $39

The return on assets ratio for 2013 is14%

32%.

28%.

16%.

7- 

Multiple Choice Question 174

Parrish, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the division’s assets with a book value of $1,250,000 are sold for $850,000. Operating income from January 1 to June 30 for the division amounted to $125,000. Ignoring income taxes, what total amount should be reported on Parrish’s income statement for the current year under the caption, Discontinued Operations?

$400,000 loss

$275,000 loss

$525,000

$125,000

8- 

Multiple Choice Question 112

Earnings per share is calculated

only for preferred stock.

only for treasury stock.

for common and preferred stock.

only for common stock.

9- 

Multiple Choice Question 171

The acid-test ratio is also known as the

current ratio.

fast ratio.

quick ratio.

times interest earned ratio

10- 

Multiple Choice Question 70

In performing a vertical analysis, the base for sales revenues on the income statement is

net income.

cost of goods available for sale.

net sales.

sales.

11- 

Multiple Choice Question 162

The order of presentation of nontypical items that may appear on the income statement is

Other revenues and expenses, Extraordinary items, Discontinued operations.

Extraordinary items, Discontinued operations, Other revenues and expenses.

Discontinued operations, Extraordinary items, Other revenues and expenses.

Other revenues and expenses, Discontinued operations, Extraordinary items

12- 

Multiple Choice Question 98

A measure of the percentage of each dollar of sales that results in net income is

return on assets.

earnings per share.

profit margin.

return on common stockholders’ equity.

13- 

Multiple Choice Question 159

Which one of the following would be classified as an extraordinary item?

Expropriation of property by a foreign government.

Losses attributed to a labor strike.

Write-down of inventories.

Gains or losses from sales of equipment.

14- 

Multiple Choice Question 122

The following information pertains to Sampson Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets

Cash and short-term investments  $ 45,000

Accounts receivable (net)  25,000

Inventory  20,000

Property, plant and equipment  210,000

  Total Assets  $300,000

Liabilities and Stockholders’ Equity

Current liabilities  $ 50,000

Long-term liabilities 90,000

Stockholders’ equity—common  160,000

  Total Liabilities and Stockholders’ Equity $300,000

Income Statement

Sales  $ 120,000

Cost of goods sold  66,000

Gross profit  54,000

Operating expenses  30,000

  Net income  $ 24,000

Number of shares of common stock  6,000

Market price of common stock  $20

Dividends per share  .50

What is the current ratio for Sampson?

0.64

1.80:1

1.30:1

1.40:1

15-

Multiple Choice Question 170

What type of ratios best measure the short-term ability of the enterprise to pay its maturing obligations and to meet unexpected needs for cash?

Liquidity

Solvency

Profitability

Leverage

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 2 Chapter 1 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1-  The United States and the international standard-setting environment are primarily driven by meeting the needs of

tax authorities.

investors and creditors.

academic researchers.

central government planners

2-

–  If the retained earnings account increases from the beginning of the year to the end of the year, then

net income is less than dividends.

a net loss is less than dividends.

the company must have sold stock.

net income is greater than dividends

3-

-If an individual asset is increased, then

there must be an equal decrease in a specific liability.

there must be an equal decrease in stockholders’ equity.

there must be an equal decrease in another asset.

any of these is possible

4-The accounting process is correctly sequenced as

identification, recording, communication.

recording, communication, identification.

communication, recording, identification.

identification, communication, recording.

4-  If total assets equal $345,000 and total stockholders’ equity equal $120,000, then total liabilities must equal

$465,000.

There is not enough information given to determine this.

$225,000.

$120,000.

6-Liabilities of a company would not include

notes payable.

salaries and wages payable.

accounts payable.

cash.

7- Bright Eyes Downtown Diner received a bill of $600 from the Jronand Wine Advertising Agency. The owner, A. A. Bondy, is postponing payment of the bill until a later date. The effect on specific items in the basic accounting equation is

a decrease in Accounts Payable and an increase in Retained Earnings.

a decrease in Cash and an increase in Retained Earnings.

a decrease in Cash and an increase in Accounts Payable.

an increase in Accounts Payable and a decrease in Retained Earnings.

8-Net income results when

Revenues > Expenses.

Revenues < Expenses.

Assets > Liabilities.

9- Liabilities of a company are owed to

underwriters.

creditors.

debtors.

benefactors.

10- At October 1, Arcade Fire Enterprises reported stockholders’ equity of $35,000. During October, common stock of $2,000 was issued and the company earned net income of $7,000. If stockholders’ equity at October 31 totals $40,000, what amount of dividends were paid during the month?

$2,000

$4,000

$5,000

$0

11 -Ethics are the standards of conduct by which one’s actions are judged as

all of these.

honest or dishonest.

right or wrong.

fair or unfair.

12- Which of the following is not a reason one set of international accounting standards are needed?

multinational corporations

mergers and acquisitions

information technology

all of these are reasons one set of international accounting standards are needed.

13-Stockholders’ equity is decreased by all of the following except

expenses.

dividends.

sales of stock.

net losses.

14-The concern about international companies adopting SOX-type standards centers on

the governing authorities.

comparability.

cost-benefit analysis.

ethics issues.

15- The private sector organization involved in developing accounting principles is the

Financial Accounting Standards Board.

Financial Auditors’ Standards Body.

Feasible Accounting Standards Body.

Financial Accounting Studies Board

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A)

ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A)

ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 3 Assignment 1 Review of Accounting Ethics (2 Paper)

This Tutorial contains 2 Different Papers

Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Search the Internet or the Strayer Library to locate a story in the news that depicts an accounting ethical breach. You may select from any type of organization about which you have information or a curiosity.

Write a four to five (4-5) page paper in which you:

·         Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer.

·         Based on your research, describe the organization, the accounting ethical breach and the impact to the organization related to ethical breach.

·         Determine how the organizational ethical issue was detected and how management failed to create an ethical environment.

·         Analyze the accounts impacted and / or accounting guidelines violated and the resulting impact to the business operation.

·         As a CFO, recommend which measures could have been taken to prevent this ethical breach and how each measure should be implemented in the future.

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

·         PLEASE make sure to include in-text citation and reference as well. (Really improtant)

Your assignment must follow these formatting requirements:

1.      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.

2.      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.

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 3 Chapter 2 and Chapter 3 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

Multiple Choice Question 103

Transactions in a journal are recorded in

alphabetical order.

dollar amount order.

chronological order.

account number order.

Multiple Choice Question 70

In the first month of operations, the total of the debit entries to the cash account amounted to $900 and the total of the credit entries to the cash account amounted to $600. The cash account has a(n)

$300 credit balance.

$900 debit balance.

$600 credit balance.

$300 debit balance.

Multiple Choice Question 61

Which of the following statements is true?

Credits decrease assets and decrease liabilities.

Debits increase assets and increase liabilities.

Credits decrease assets and increase liabilities.

Debits decrease liabilities and decrease assets

Multiple Choice Question 95

The final step in the recording process is to transfer the journal information to the

trial balance.

financial statements.

ledger.

file cabinets.

Multiple Choice Question 88

The usual sequence of steps in the transaction recording process is:

analyze→ journal → ledger.

journal→ ledger → analyze.

ledger→ journal → analyze.

journal→ analyze → ledger.

Multiple Choice Question 50

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

+ Common Stock + Retained Earnings + Dividends – Revenue – Expenses.

Assets + Dividends + + Common Stock + Retained Earnings + Revenues.

Assets – Liabilities – Stock + Retained Earnings + Revenues – Expenses.

+ Expenses – Liabilities.

Multiple Choice Question 133

A trial balance may balance even when each of the following occurs except when

a transposition error is made.

a journal entry is posted twice.

incorrect accounts are used in journalizing.

a transaction is not journalized.

Multiple Choice Question 43

An accounting time period that is one year in length, but does not begin on January 1, is referred to as

a fiscal year.

an interim period.

the time period assumption.

a reporting period.

Multiple Choice Question 87

Which of the following reflect the balances of prepayment accounts prior to adjustment?

Balance sheet accounts are understated and income statement accounts are understated.

Balance sheet accounts are overstated and income statement accounts are overstated.

Balance sheet accounts are understated and income statement accounts are overstated.

Balance sheet accounts are overstated and income statement accounts are understated.

Multiple Choice Question 67

Crue Company had the following transactions during 2013:

• Sales of $4,500 on account

• Collected $2,000 for services to be performed in 2014

• Paid $1,625 cash in salaries

• Purchased airline tickets for $250 in December for a trip to take place in 2014

What is Crue’s 2013 net income using cash basis accounting?

$375.

$4,875.

$4,625.

$125.

Multiple Choice Question 64

Which statement is correct?

The cash basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received.

As long as management is ethical, there are no problems with using the cash basis of accounting.

As long as a company consistently uses the cash basis of accounting, generally accepted accounting principles allow its use.

The use of the cash basis of accounting violates both the revenue recognition and expense recognition principles.

Multiple Choice Question 61

Under accrual-basis accounting

net income is calculated by matching cash outflows against cash inflows.

the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles.

cash must be received before revenue is recognized.

events that change a company’s financial statements are recognized in the period they occur rather than in the period in which cash is paid or received.

Multiple Choice Question 165

Expenses paid and recorded as assets before they are used are called

accrued expenses.

interim expenses.

prepaid expenses.

unearned expenses.

Multiple Choice Question 152

The adjusted trial balance is prepared

after financial statements are prepared.

after adjusting entries have been journalized and posted.

before the trial balance.

to prove the equality of total assets and total liabilities

Multiple Choice Question 45

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

quarterly, monthly

monthly, annual

monthly, monthly

annual, annual

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A)

ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 4 Chapter 4 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1)  A correcting entry

is another name for a closing entry.

may involve any combination of accounts.

is a required step in the accounting cycle.

must involve one balance sheet account and one income statement account

2)  A double rule applied to accounts in the ledger during the closing process implies that

the account balance is not zero.

a mistake has been made, since double ruling is prescribed.

the account is a temporary account.

the account is a balance sheet account

3)  The first required step in the accounting cycle is

posting transactions.

reversing entries.

journalizing transactions in the book of original entry.

analyzing transactions.

4)  Which of the following steps in the accounting cycle would not generally be performed daily?

Analyze business transactions.

Prepare adjusting entries.

Journalize transactions.

Post to ledger accounts

5)  All of the following statements about the post-closing trial balance are correct except it contains only permanent accounts.

shows that the accounting equation is in balance.

provides evidence that the journalizing and posting of closing entries have been properly completed.

proves that all transactions have been recorded

6)  IFRS requires the use of

neither balance sheet nor statement of financial position, but recommends use of the term balance sheet.

the term statement of financial position.

neither balance sheet nor statement of financial position, but recommends use of the term statement of financial position.

the term balance sheet.

7)  Under IFRS and under GAAP, current assets are listed in

IFRS  GAAP

reverse order of liquidity  reverse order of liquidity

reverse order of liquidity  order of liquidity

order of liquidity  reverse order of liquidity

order of liquidity  order of liquidity

8)  post-closing trial balance should be prepared

after closing entries are posted to the ledger accounts.

before adjusting entries are posted to the ledger accounts.

before closing entries are posted to the ledger accounts.

only if an error in the accounts is detected

9)  In preparing closing entries

each expense account will be credited.

each revenue account will be credited.

the dividends account will be debited.

the dividends account will be debited if there is net income for the period

10)  Intangible assets are

listed as a long-term investment on the balance sheet.

listed under current assets on the balance sheet.

not listed on the balance sheet because they do not have physical substance.

long-lived assets that are often very valuable

11)  Correcting entries are made

after closing entries.

at the beginning of an accounting period.

at the end of an accounting period.

whenever an error is discovered

12)  Income Summary has a credit balance of $17,000 after closing revenues and expenses. The entry to close Income Summary is

credit Income Summary $17,000, debit Retained Earnings $17,000.

debit Income Summary $17,000, credit Dividends $17,000.

credit Income Summary $17,000, debit Dividends $17,000.

debit Income Summary $17,000, credit Retained Earnings $17,000

13)  IFRS

requires a specific format for the balance sheet (statement of financial position) that is identical to U.S. GAAP.

requires a specific format for the balance sheet (statement of financial position) that is different from U.S. GAAP.

requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement in a different format from U.S. GAAP.

requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement identical to U.S. GAAP.

14)  Each of the following accounts is closed to Income Summary except

All of these are closed to Income Summary.

Expenses.

Dividends.

Revenue

15)  The account, Supplies, will appear in the following debit columns of the worksheet.

Trial balance.

Adjusted trial balance.

Balance sheet.

All of these.

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 4 Chapter 6 (E6-1,E6-10,E6-14,P6-3A)

ACC 557 Week 4 Chapter 6 (E6-1,E6-10,E6-14,P6-3A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 5 Chapter 5 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 5 Chapter 6 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1-

Multiple Choice Question 54

Cost of goods sold is determined only at the end of the accounting period in

neither a perpetual nor a periodic inventory system.

a perpetual inventory system.

a periodic inventory system.

both a perpetual and a periodic inventory system

2-

Multiple Choice Question 92

A sales invoice is a source document that

provides evidence of incurred operating expenses.

provides evidence of credit sales.

serves only as a customer receipt.

provides support for goods purchased for resale.

3-

Multiple Choice Question 149

Financial information is presented below:

Operating Expenses  $  45,000

Sales Returns and Allowances  9,000

Sales Discounts  6,000

Sales Revenue  160,000

Cost of Goods Sold  87,000

The gross profit rate would be

.503.

.363.

.400.

.456.

4-

Multiple Choice Question 96

The Sales Returns and Allowances account is classified as a(n)

contra revenue account.

contra asset account.

expense account.

asset account.

5-

Multiple Choice Question 179

On October 4, 2013, JT Corporation had credit sales transactions of $3,200 from merchandise having cost $1,900. The entries to record the day’s credit transactions include a

credit of $1,900 to Cost of Goods Sold.

credit of $3,200 to Sales Revenue.

debit of $1,900 to Inventory.

debit of $3,200 to Inventory.

6-

IFRS Multiple Choice Question 257

Comprehensive income under IFRS

excludes unrealized gains and losses included in net income, in contrast to GAAP.

includes unrealized gains and losses included in net income, similar to GAAP.

excludes unrealized gains and losses included in net income, similar to GAAP.

includes unrealized gains and losses included in net income, in contrast to GAAP

7-

Multiple Choice Question 134

If a company has net sales of $700,000 and cost of goods sold of $490,000, the gross profit percentage is

30%.

70%.

100%.

15%.

8-

Multiple Choice Question 118

The consistent application of an inventory costing method is essential for

accuracy.

efficiency.

comparability.

conservatism.

9-

Multiple Choice Question 168

The inventory turnover ratio is computed by dividing cost of goods sold by

beginning inventory.

ending inventory.

average inventory.

365 days.

10-

Multiple Choice Question 126

Switzer, Inc. has 5 computers which have been part of the inventory for over two years. Each computer cost $600 and originally retailed for $900. At the statement date, each computer has a current replacement cost of $400. How much loss should Switzer, Inc., record for the year?

$2,000.

$2,500.

$1,000.

$1,500.

11-

Multiple Choice Question 72

Which one of the following inventory methods is often impractical to use?

LIFO

FIFO

Specific identification

Average cost

12 –

Multiple Choice Question 132

Overstating ending inventory will overstate all of the following except

net income.

owner’s equity.

assets.

cost of goods sold.

13-

IFRS Multiple Choice Question 232

Under IFRS, companies can choose which inventory system?

LIFO  FIFO

Yes  No

Yes  Yes

No  Yes

No  No

14-

Multiple Choice Question 123

The lower-of-cost-or-market (LCM) basis may be used with all of the following methods except

FIFO.

LIFO.

The LCM basis may be used with all of these.

average cost.

15-

Multiple Choice Question 161

Inventory items on an assembly line in various stages of production are classified as

Raw materials.

Merchandise inventory.

Finished goods.

Work in process

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 5 Chapter 7 (E7-5 E7-7 E7-14 P7-3A)

ACC 557 Week 5 Chapter 7 (E7-5 E7-7 E7-14 P7-3A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 5, Chapter 8 (E8-3, E8-5, E8-14, P8-7A)

ACC 557 Week 5, Chapter 8 (E8-3, E8-5, E8-14, P8-7A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 6 Assignment 2 You Are an Entrepreneur! (2 Paper)

This Tutorial contains 2 Different Papers

ACC 557  WK 6 Assignment 2 – You Are an Entrepreneur!

Student life does not generally afford a great deal of free time to pursue your personal interests; however, at one point, you may have considered turning a personal interest or hobby into an official enterprise. Today, you have finally decided to turn that hobby into a business but have realized that you need start-up capital from a lender or investor.

To obtain funding, you need to convince a lender / investor that your business is more than a hobby. You need to demonstrate that you have a firm grasp of your business, the accounting practices that impact your business, the controls needed to safeguard assets, and which accounting system will produce accurate and relevant financial information.

Write a six to eight (6-8) page business plan in which you:

1.      Describe the type of business you have created including:
      a. The product or service, and general staffing plan. Provide a rationale for your plan.
      b. The form of your business and the benefits it offers your particular business,
      c. A chart of accounts specific to your business, including a rationale as to the selection of each account. (Note: The chart of accounts is a blueprint of your business for the lender/investor. It should report the expected resources that you will consume in your business (assets), the sources of those resources (liabilities and equity), the sources of revenue, and expenditures that you expect to incur to earn those revenues. You may build a detailed chart that includes business units, divisions, product lines, etc.)

2.      Based on the form of your business, analyze whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business.

3.      Suggest how you will incorporate any changes into your books and records. (Note: You need to demonstrate to the lender/investor that you have recognized possible changes to GAAP that may impact the accounting and reporting of your accounting events.)

4.      Prepare a pro forma balance sheet and income statement providing the assumptions made and support the valuations assigned.

5.      Considering the value of assets (assigned per your balance sheet) used within your business, recommend two (2) specific internal controls that you will implement to protect your company’s assets and resources, justifying how each will provide assurances to management. (NOTE:  Safeguarding assets and protecting personal data are paramount to ensuring the viability of a business.

6.      Demonstrate to the lender/investor that your assets will be safeguarded and customer information (if applicable) will be protected.)

7.      Based on the internal control recommendations that you made, suggest how you will implement each within your business environment, indicating how challenges or resistances will be overcome.

8.      Evaluate the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory requirements, on your business venture, giving considering to how you intend to comply with the requirements and the general impact to decision making within your business.

9.      Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 6 Chapter 10 (E10-9, E10-12, E10-15, P10-1A)

ACC 557 Week 6 Chapter 10 (E10-9, E10-12, E10-15, P10-1A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 6 Chapter 7 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 6 Chapter 8 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1-

Multiple Choice Question 107

A bank statement

is a bill from the bank for services rendered.

is a credit reference letter written by the depositor’s bank.

shows the activity which increased or decreased the depositor’s account balance.

lets a depositor know the financial position of the bank as of a certain date.

2-

IFRS Multiple Choice Question 233

The principles of internal control activities are used in the

internationally but not in the U.S.

in the U.S. and Canada but not globally.

globally.

U.S.but not globally.

3-

Multiple Choice Question 71

Postage stamps on hand are considered to be

cash.

petty cash.

a prepaid expense.

cash equivalents.

4-

IFRS Multiple Choice Question 237

Tangible frauds include

asset misappropriation.

false pretenses.

counterfeiting.

All of these.

5-

Multiple Choice Question 44

All of the following requirements about internal controls were enacted under the Sarbanes- Oxley Act except;

independent outside auditors must eliminate redundant internal controls.

independent outside auditors must attest to the level of internal control.

companies must develop sound internal controls over financial reporting.

companies must continually assess the functionality of internal controls.

6-

Multiple Choice Question 111

A deposit made by a company will appear on the bank statement as a

debit.

credit.

debit memorandum.

credit memorandum.

7-

Multiple Choice Question 65

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

computer operators.

management.

internal auditors.

outside CP

8-

Multiple Choice Question 67

An aging of a company’s accounts receivable indicates that $10,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a

debit to Bad Debts Expense for $8,900.

credit to Allowance for Doubtful Accounts for $10,000.

debit to Bad Debts Expense for $10,000.

debit to Allowance for Doubtful Accounts for $8,900.

9-

Multiple Choice Question 71

A reasonable amount of uncollectible accounts is evidence

that the credit policy is too strict.

of poor judgments on the part of the credit manager.

that the credit policy is too lenient.

of a sound credit policy.

10-

Multiple Choice Question 105

Kill Corporation’s unadjusted trial balance includes the following balances (assume normal balances):

Accounts Receivable  $  750,000

Allowance for Doubtful Accounts  15,000

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

$15,000

$44,100

$30,000

$45,000

11-

Multiple Choice Question 97

Using the percentage-of-receivables basis, the uncollectible accounts for the year is estimated to be $31,000. If the balance for the Allowance for Doubtful Accounts is a $7,000 debit before adjustment, what is the amount of bad debts expense for the period?

$31,000

$38,000

$7,000

$24,000

12-

Multiple Choice Question 103

Using the following information:

  12/31/12

Accounts receivable  $  525,000 

Allowance  (35,000  )

Cash realizable value  $  490,000 

During 2013, sales on account were $145,000 and collections on account were $100,000. Also during 2013, the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $40,000.

Bad debts expense for 2013 is

$40,000.

$13,000.

$5,000.

$8,000.

13-

Multiple Choice Question 118

If a retailer regularly sells its receivables to a factor, the service charge of the factor should be classified as a(n)

contra asset.

other expense.

selling expense.

interest expense.

14-

Multiple Choice Question 104

During 2013, Alfred Inc. had sales on account of $132,000, cash sales of $54,000, and collections on account of $84,000. In addition, they collected $1,450 which had been written off as uncollectible in 2012. As a result of these transactions, the change in the accounts receivable balance indicates a

$102,000 increase.

$100,550 increase.

$46,550 increase.

$48,000 increase.

15-

Multiple Choice Question 142

A 5%, 120-day note receivable is received from a customer to settle an existing account receivable of $75,000. Assuming a 360 day year, the accounting entry for acquisition of the note will include a

debit to Notes Receivable for $75,000 and no entry for interest.

debit to Notes Receivable for $76,250.

debit to Notes Receivable for $78,720.

credit to Interest Revenue for $1,250.

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)

ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 7 Chapter 11 (E11-7, E11-13, E11-17, P11-3A)

ACC 557 Week 7 Chapter 11 (E11-7, E11-13, E11-17, P11-3A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 7 Chapter 9 and Chapter 10 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1-

Multiple Choice Question 214

A company has the following assets:

Buildings and Equipment, less accumulated depreciation of $2,000,000  $  7,600,000

Copyrights  960,000

Patents  4,000,000

Timberlands, less accumulated depletion of $2,800,000  4,800,000

The total amount reported under Property, Plant, and Equipment would be

$16,400,000.

$13,360,000.

$12,400,000.

$17,360,000.

2-

Multiple Choice Question 144

Expenditures that maintain the operating efficiency and expected productive life of a plant asset are generally

expensed when incurred.

not recorded until they become material in amount.

capitalized as a part of the cost of the asset.

debited to the Accumulated Depreciation account

3-

Multiple Choice Question 149

A gain or loss on disposal of a plant asset is determined by comparing the

original cost of the asset with the proceeds received from its sale.

book value of the asset with the asset’s original cost.

book value of the asset with the proceeds received from its sale.

replacement cost of the asset with the asset’s original cost.

4-

IFRS Multiple Choice Question 326

Salem Company hired Kirk Construction to construct an office building for £8,000,000 on land costing £2,000,000, which Salem Company owned. The building was complete and ready to be used on January 1, 2013 and it has a useful life of 40 years. The price of the building included land improvements costing £600,000 and personal property costing £750,000. The useful lives of the land improvements and the personal property are 10 years and 5 years, respectively. Salem Company uses component depreciation, and the company uses straight-line depreciation for other similar assets. What is the net amount reported for the building on Salem Company’s December 31, 2013 statement of financial position?

£7,573,750

£6,483,750

£7,800,000

£7,665,000

5-   Multiple Choice Question 77

Yocum Company purchased equipment on January 1 at a list price of $100,000, with credit terms 2/10, n/30. Payment was made within the discount period and Yocum was given a $2,000 cash discount. Yocum paid $5,000 sales tax on the equipment, and paid installation charges of $1,760. Prior to installation, Yocum paid $4,000 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment?

$104,760

$108,760

$110,760

$101,000

6- Multiple Choice Question 98

A company purchased factory equipment for $350,000. It is estimated that the equipment will have a $35,000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-declining-balance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be

$84,000.

$140,000.

$126,000.

$60,480.

7-  Multiple Choice Question 175

On a balance sheet, natural resources may be described more specifically as all of the following except

oil reserves.

timberlands.

land improvements.

mineral deposits.

8- Multiple Choice Question 98

On January 1, 2013, Donahue Company, a calendar-year company, issued $500,000 of notes payable, of which $125,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2013, is

Current Liabilities, $125,000; Long-term Debt, $375,000.

Current Liabilities, $375,000; Long-term Debt, $125,000.

Current Liabilities, $500,000.

Long-term Debt , $500,000.

9- Multiple Choice Question 76

When an interest-bearing note matures, the balance in the Notes Payable account is

less than the total amount repaid by the borrower.

the difference between the maturity value of the note and the face value of the note.

equal to the total amount repaid by the borrower.

greater than the total amount repaid by the borrower

10-Multiple Choice Question 125

From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that

interest must be paid on a periodic basis regardless of earnings.

the bondholders do not have voting rights.

income to stockholders may increase as a result of trading on the equity.

bond interest is deductible for tax purposes.

11-Multiple Choice Question 194

The times interest earned ratio is computed by dividing

income before interest expense by interest expense.

net income by interest expense.

income before income taxes and interest expense by interest expense.

income before income taxes by interest expense.

12- Multiple Choice Question 152

If the market interest rate is greater than the contractual interest rate, bonds will sell

at a discount.

only after the stated interest rate is increased.

at face value.

at a premium.

13-   Multiple Choice Question 158

The market interest rate is often called the

coupon rate.

contractual rate.

stated rate.

effective rate.

14-

Multiple Choice Question 78

On October 1, Steve’s Carpet Service borrows $250,000 from First National Bank on a 3-month, $250,000, 8% note. The entry by Steve’s Carpet Service to record payment of the note and accrued interest on January 1 is

Notes Payable  255,000

Cash  255,000

Notes Payable  250,000

Interest Payable  5,000

Cash  255,000

Notes Payable  250,000

Interest Payable  20,000

Cash  270,000

Notes Payable  250,000

Interest Expense  5,000

Cash  255,000

15-

Multiple Choice Question 61

Most companies pay current liabilities

by creating long-term liabilities.

out of current assets.

by issuing interest-bearing notes payable.

by issuing stock.

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 8 Chapter 11 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1- 

Multiple Choice Question 123

Ranier Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Ranier issues 5,000 shares of preferred stock for land with an asking price of $600,000 and a market value of $540,000, which of the following would be the journal entry for Ranier to record?

Land  540,000

Preferred Stock  540,000

Land  540,000

Preferred Stock  500,000

Paid-in Capital Excess of Par-Preferred  40,000

Land  500,000

Preferred Stock  500,000

Land  600,000

Preferred Stock  500,000

Paid-in Capital in Excess of Par-Preferred  100,000

2-

Multiple Choice Question 181

Aim, Inc., has 10,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2013. There were no dividends declared in 2012. The board of directors declares and pays a $120,000 dividend in 2013. What is the amount of dividends received by the common stockholders in 2013?

$0

$50,000

$70,000

$20,000

3-

Multiple Choice Question 201

A net loss

occurs if operating expenses exceed cost of goods sold.

is closed to Retained Earnings even if it would result in a debit balance.

is closed to the paid-in capital account of the stockholders’ equity section of the balance sheet.

is not closed to Retained Earnings if it would result in a debit balance.

4-

Multiple Choice Question 98

Hsu, Inc. issued 7,500 shares of stock at a stated value of $8/share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a

debit to Cash for $60,000.

credit to Common Stock for $60,000.

credit to Common Stock for $112,500.

credit to Paid-in Capital in Excess of Par for $112,500.

5-   Multiple Choice Question 169

The per share amount normally assigned by the board of directors to a large stock dividend is

the average price paid by stockholders on outstanding shares.

the par or stated value of the stock.

zero.

the market value of the stock on the date of declaration.

6-

IFRS Multiple Choice Question 345

IFRS treats the purchase of treasury stock as any of the following except

a decrease to retained earnings.

an increase to a contra equity account.

a decrease to share premium.

a decrease to share capital.

7-

Multiple Choice Question 246

Additional paid-in capital includes all of the following except the amounts paid in

for the par value of common stock.

over par value.

over stated value.

from treasury stock.

8-

Multiple Choice Question 54

Stockholders of a corporation directly elect

the treasurer of the corporation.

all of the employees of the corporation.

the president of the corporation.

the board of directors.

9-   Multiple Choice Question 126

Which of the following is not a right or preference associated with preferred stock?

Preference to corporate assets in case of liquidation

The right to vote

To receive dividends in arrears before common stockholders receive dividends

First claim to dividends

10- 

Multiple Choice Question 197

Restricting retained earnings for the cost of treasury stock purchased is a

legal restriction.

stock restriction.

voluntary restriction.

contractual restriction.

11-

Multiple Choice Question 115

A company would not acquire treasury stock

in order to reissue shares to officers.

as an asset investment.

in order to increase trading of the company’s stock.

to have additional shares available to use in acquisitions of other companies.

12-

Multiple Choice Question 121

Brown Company has 1,000 shares of 6%, $100 par cumulative preferred stock outstanding at December 31, 2013. No dividends have been paid on this stock for 2012 or 2013. Dividends in arrears at December 31, 2013 total

$0.

$600.

$6,000.

$12,000.

13-

Multiple Choice Question 87

If stock is issued for less than par value, the account

Paid-In Capital in Excess of Par is debited if a debit balance exists in the account.

Paid-In Capital in Excess of Par is debited if a credit balance exists in the account.

Paid-In Capital in Excess of Par is credited.

Retained Earnings is credited.

14-

Multiple Choice Question 83

When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the

par value of the stock.

market value of the stock.

book value of the stock.

stated value of the stock.

15-

Multiple Choice Question 160

Win, Inc. has 10,000 shares of 7%, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2013. If the board of directors declares a $60,000 dividend, the

$60,000 will be held as restricted retained earnings and paid out at some future date.

preferred shareholders will receive 1/10th of what the common shareholders will receive.

preferred shareholders will receive the entire $60,000.

preferred shareholders will receive $30,000 and the common shareholders will receive $30,000.

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 8 Chapter 12 (E12-7, E12-8, E12-12, P12-2A)

ACC 557 Week 8 Chapter 12 (E12-7, E12-8, E12-12, P12-2A)

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 9 Chapter 12 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1- 

Multiple Choice Question 57

Eck Corporation sells 250 shares of common stock being held as an investment. The shares were acquired six months ago at a cost of $25 a share. Eck sold the shares for $40 a share. The entry to record the sale is

Cash  10,000

Gain on Sale of Stock Investments  3,750

Stock Investments  6,250

Stock Investments  10,000

Cash  10,000

Cash  10,000

Stock Investments  10,000

Cash  6,250

Loss on Sale of Stock Investments  3,750

Stock Investments  10,000

2- 

Multiple Choice Question 45

On January 1, Talent Company purchased as a short-term investment a $1,000, 8% bond for $1,050. The bond pays interest on January 1 and July 1. The bond is sold on October 1 for $1,200 plus accrued interest. Interest has not been accrued since the last interest payment date. What is the entry to record the cash proceeds at the time the bond is sold?

Cash  1,200

Debt Investments  1,200

Cash  1,220

Debt Investments  1,050

Gain on Sale of Debt Investments  150

Interest Revenue  20

Cash  1,220

Debt Investments  1,200

Interest Revenue  20

Cash  1,200

Debt Investments  1,050

Gain on Sale of Debt Investments  150

3- 

Multiple Choice Question 117

At the end of its first year, the trading securities portfolio consisted of the following common stocks.

  Cost  Fair Value

Atrium Corporation  $ 46,400  $ 50,000

Barnes Inc.  60,000  55,800

Cantor Corporation  80,000  76,000

  $186,400  $181,800

In the following year, the Barnes common stock is sold for cash proceeds of $56,000. The gain or loss to be recognized on the sale is a

loss of $4,000.

gain of $1,200.

gain of $200.

loss of $4,200.

4- 

Multiple Choice Question 40

At the time of acquisition of a debt investment,

the Stock Investments account is debited when bonds are purchased.

the Investment account is credited for its cost plus brokerage fees.

no journal entry is required.

the cost principle applies.

5- 

Multiple Choice Question 79

The account, Stock Investments, is

a general ledger control account.

another name for Debt Investments.

a subsidiary ledger account.

a long-term liability account.

6- 

Multiple Choice Question 59

Tan Company had these transactions pertaining to stock investments:

Feb. 1 Purchased 3,000 shares of Norton Company (10%) for $48,800 cash plus brokerage fees of $1,400.

June 1 Received cash dividends of $2 per share on Norton stock.

Oct. 1 Sold 1,200 shares of Norton stock for $24,000 less brokerage fees of $600.

The entry to record the purchase of the Norton stock would include a

credit to Cash for $48,800.

debit to Stock Investments for $48,800.

debit to Stock Investments for $50,200.

debit to Investment Expense for $1,400.

7- 

Multiple Choice Question 94

Mission Inc. earns $450,000 and pays cash dividends of $150,000 during 2013. Cox Corporation owns 70,000 of the 210,000 outstanding shares of Mission.

How much revenue from investment should Cox report in 2013?

$150,000

$200,000

$50,000

$100,000

8- 

Multiple Choice Question 138

Which of the following reasons best explains why a company that experiences seasonal fluctuations in sales may purchase investments in debt or stock securities?

The company may have excess cash.

The company may invest for speculative reasons to increase the value in pension funds.

The company may generate a significant portion of its earnings from investment income.

The company may invest for the strategic reason of establishing a presence in a related industry.

9- 

Multiple Choice Question 115

The balance sheet presentation of an unrealized loss on a non-trading security is similar to the statement presentation of

treasury stock.

discount on bonds payable.

prepaid expenses.

allowance for doubtful accounts.

10- 

Multiple Choice Question 142

A company that acquires less than 20% ownership interest in another company should account for the stock investment in that company using

the significant method.

the equity method.

consolidated financial statements.

the cost method.

11- 

Multiple Choice Question 41

Which of the following is not a true statement regarding short-term debt investments?

Investments are frequently government or corporate bonds.

The securities usually pay interest.

This type of investment must be currently traded in the securities market.

Debt investments are recorded at the price paid less brokerage fees.

12- 

Multiple Choice Question 81

Revenue is recognized when cash dividends are received under

the cost method.

the equity method.

the controlling interest method.

both the cost and equity methods.

13- 

Multiple Choice Question 145

An unrealized loss on non-trading securities is

closed-out at the end of the accounting period.

deducted from the cost of the investment.

reported as a separate component of stockholders’ equity.

reported under Other Expenses and Losses in the income statement.

14- 

Multiple Choice Question 93

Mission Inc. earns $600,000 and pays cash dividends of $150,000 during 2013. Cox Corporation owns 70,000 of the 210,000 outstanding shares of Mission.

What amount should Cox show in the investment account at December 31, 2013 if the beginning of the year balance in the account was $40,000?

$190,000

$200,000

$175,000

$180,000

15- 

Multiple Choice Question 108

The contra-account, Fair value Adjustment, is also called a(n)

valuation account.

offset account.

opposite account.

adjustment account.

ACC 557 ACC557 ACC/557 ENTIRE COURSE HELP – STRAYER UNIVERSITY

ACC 557 Week 9 Chapter 13 (E13-3, E13-4, E13-6, P13-3A)

ACC 557 Week 9 Chapter 13 (E13-3, E13-4, E13-6, P13-3A)