Shopping Cart
Your shopping cart is empty!
Categories
ACC 556 Midterm Part 1 and 2
$20.00

ACC 556 Midterm Part 1 and 2

This Tutorial was purchased 10 times & rated A by student like you.

 

This Tutorial contains following Attachments

  • ACC 556 S Midterm Part 1 and 2.zip

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

Write a review

Order Id


Order Id will be kept Confidential
Your Name:


Your Review:
Rating:   A   B   C   D   F  

Enter the code in the box below:



Related Tutorials
$10.00

This Tutorial was purchased 6 times & rated A+ by student like you.

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 wou..
$10.00

This Tutorial was purchased 4 times & rated A by student like you.

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 ann..
$12.00

This Tutorial was purchased 3 times & rated A by student like you.

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..
$12.00

This Tutorial was purchased 3 times & rated A by student like you.

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 ..
$5.00

This Tutorial was purchased 3 times & rated A+ by student like you.

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..
$5.00

This Tutorial was purchased 3 times & rated A by student like you.

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 car..
$5.00

This Tutorial was purchased 2 times & rated A+ by student like you.

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 tha..
$5.00

This Tutorial was purchased 4 times & rated A by student like you.

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 compa..
$5.00

This Tutorial was purchased 3 times & rated A+ by student like you.

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 disco..
$5.00

This Tutorial was purchased 2 times & rated A+ by student like you.

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 stockholde..
$5.00

This Tutorial was purchased 5 times & rated B by student like you.

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..
$12.00

This Tutorial was purchased 3 times & rated A by student like you.

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..
$12.00

This Tutorial was purchased 4 times & rated B+ by student like you.

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..
$20.00

This Tutorial was purchased 8 times & rated A+ by student like you.

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..
$35.00

This Tutorial was purchased 10 times & rated A+ by student like you.

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%..
$8.00

This Tutorial was purchased 2 times & rated No rating by student like you.

Complete the Week 6 Short Answer Quiz. Click the Assignment Files tab to submit your assignment as a Microsoft® Word Document. Copy and paste the questions onto a Word document. Write a brief response using the information found in Chapter 4 and integrate it with what you have learned in the cou..
$8.00

This Tutorial was purchased 2 times & rated B+ by student like you.

INDIVIDUAL ASSIGNMENT Prepare 7-10 Power Point slides discussing common business fraud symptoms and mitigation actions that can be taken to help deter and detect fraud. Choose some elements from Chapter 5: Recognizing the Symptoms of Fraud to discuss in your presentation keeping with the theme of ..
$8.00

This Tutorial was purchased 3 times & rated A+ by student like you.

INDIVIDUAL ASSIGNMENT Write a 600-800 word memo to your accounting committee on fraud detection discussing the 6 steps of the Proactive Method of Fraud Detection found in figure 6.1 of Chapter 6. Include methods to gather information about a business, questions that should be asked, and examples o..
$8.00

This Tutorial was purchased 2 times & rated B+ by student like you.

ACC 556 Week 5 Comparing the Impact..
$8.00

This Tutorial was purchased 0 times & rated No rating by student like you.

ACC 556 Week 5 Crooked Scenario 5..
$8.00

This Tutorial was purchased 4 times & rated A by student like you.

Write a 1,250-1,400-word paper on the impact of corruption on an organization of your choice in APA format with in-text citations and references. Include the following: • Who committed this corruption? • Why did they commit this corruption? • How did they commit this corruption? • How did they ..
$8.00

This Tutorial was purchased 2 times & rated B+ by student like you.

1. Define and describe Theft Act Investigative Methods. 2. What is a Vulnerability Chart and how, when and why is it used? 3. Define Invigilation and discuss how, when and why it is used. 4. Discuss the steps in obtaining electronic evidence. 5. To what are Concealment Investigative Methods prim..
$8.00

This Tutorial was purchased 3 times & rated A+ by student like you.

INDIVIDUAL ASSIGNMENT Write a 1,050 word paper on the impact of asset misappropriation on an organization of your choice. Include the following as headings for your paper: • What was the fraud? • Who committed this fraud? • Why did they commit this fraud? • How did they commit this fraud? • H..
$8.00

This Tutorial was purchased 1 times & rated No rating by student like you.

ACC 556 Week 1 Sherlock Homes..
$8.00

This Tutorial was purchased 0 times & rated No rating by student like you.

ACC 556 Week 1 Crooked Scenario 1..
$8.00

This Tutorial was purchased 3 times & rated B+ by student like you.

INDIVIDUAL ASSIGNMENT Complete the Week 1 Short Answer Quiz. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. 1. What is the Association of Certified Fraud Examiners (ACEF) and what do they do? – 2. Define fraud. 3. Distinguish between fraudulent financia..
$8.00

This Tutorial was purchased 8 times & rated A+ by student like you.

Shortly after you completed your work of unpacking all the players in the CrookEd Partners drama and identifying all potential fraudulent activity that had been relayed to you (Week One Scenario Assignment), your secretary came into your office and said you had a visitor. You inquired who it was an..
ACC 556 © 2017 All Rights Reserved.Powered by:Ash Tutorial