ACC 556 ENTIRE COURSE


Ask a Question

ACC 556 ENTIRE COURSE

Sale price $120.00 Regular price $240.00

ACC 556 ENTIRE COURSE

 

 

ACC 556 Chapter 1 Quiz

 

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 Chapter 2 Quiz 

 

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 Chapter 10 Quiz 

 

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 Chapter 11 Quiz

 

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 Chapter 12 Quiz

 

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 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 Chapter 21 Quiz

 

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.

 

 

ACC 556 Chapter 22 Quiz

 

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 Chapter 3 Quiz

 

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.

 

ACC 556 Chapter 4 Quiz

 

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.

 

ACC 556 Chapter 5 Quiz

 

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.

 

ACC 556 Chapter 6 Quiz

 

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 27th. The goods are not expected to reach their destination until January 6th.
 $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 Chapter 7 Quiz

 

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 Chapter 8 Quiz

 

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 Chapter 9 Quiz

 

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 Week 10 Assignment 2 Budget Planning and Control

 

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 Week 6 Assignment 1 Financial Analysis ACC 556 Week 6 Assignment


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.

 

Questions & Answers

Have a Question?

Be the first to ask a question about this.

Ask a Question
 

Liquid error: Could not find asset snippets/sh_sbve-theme-snippet.liquid