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    ACC 556 Slingshot Academy / acc556outlet.com

ACC 556 All Chapter Quizzes
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ACC 556 Chapter 1 Quiz (100% Score)ACC 556 Chapter 2 Quiz (100% Score)ACC 556 Chapter 3 Quiz (100% Score)ACC 556 Chapter 4 Quiz (100% Score)ACC 556 Chapter 5 Quiz (100% Score)ACC 556 Chapter 6 Quiz (100% Score)ACC 556 Chapter 7 Quiz (100% Score)ACC 556 Chapter 8 Quiz (100% Score)ACC 556 Chapter 9 Quiz (100% Score)ACC 556 Chapter 10 Quiz (100% Score)ACC 556 Chapter 11 Quiz (100% Score)ACC 556 Chapter 12 Quiz (100% Score)ACC 556 Chapter 13 Quiz (100% Score)ACC 556 Chapter 21 Quiz (100% Score)ACC 556 Chapter 22 Quiz (100% Score)
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ACC 556 Chapter 1 Quiz (100% Score)
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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
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ACC 556 Chapter 2 Quiz (100% Score)
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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.
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ACC 556 Chapter 3 Quiz (100% Score)
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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?
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ACC 556 Chapter 4 Quiz (100% Score)
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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
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ACC 556 Chapter 5 Quiz (100% Score)
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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?
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ACC 556 Chapter 6 Quiz (100% Score)
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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
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ACC 556 Chapter 7 Quiz (100% Score)
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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
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ACC 556 Chapter 8 Quiz (100% Score)
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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
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ACC 556 Chapter 9 Quiz (100% Score)
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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.
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ACC 556 Chapter 10 Quiz (100% Score)
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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
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ACC 556 Chapter 11 Quiz (100% Score)
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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
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ACC 556 Chapter 12 Quiz (100% Score)
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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
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ACC 556 Chapter 13 Quiz (100% Score)
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Chapter 13 Quiz
1. Price-earnings ratio2. Return on assets3. Accounts receivable turnover ratio4. Earnings per share5. Payout ratio6. Current cash debt coverage7. Current ratio8. Debt to assets ratio9. Free cash flow10. Inventory turnover
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ACC 556 Chapter 21 Quiz (100% Score)
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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?
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ACC 556 Chapter 22 Quiz (100% Score)
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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?
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ACC 556 Final Part 1 (100% Correct Answers)
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Final Part 1
Question 1
Under the corporate form of business organization
Question 2
Accountants do not attempt to measure the change in a plant asset's market value during ownership because
Question 3
Budget reports provide the feedback needed by management to see whether actual operations are on course.
Question 4
Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.
Question 5
A corporation is not an entity that is separate and distinct from its owners
Question 6
The market rate of interest is often called the
Question 7
A current liability is a debt that can reasonably be expected to be paid
Question 8
A budget can be used as a basis for evaluating performance.
Question 9
Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase (decrease) that has taken place.
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ACC 556 Final Part 1 and 2
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Final Part 1
Question 1
Under the corporate form of business organization
Question 2
Accountants do not attempt to measure the change in a plant asset's market value during ownership because
Question 3
Budget reports provide the feedback needed by management to see whether actual operations are on course.
Question 4
Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.
Question 5
A corporation is not an entity that is separate and distinct from its owners
Question 6
The market rate of interest is often called the
Question 7
A current liability is a debt that can reasonably be expected to be paid
Question 8
A budget can be used as a basis for evaluating performance.
Question 9
Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase (decrease) that has taken place.
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ACC 556 Final Part 2 (100% Correct Answers)
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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 $ 1,400,000Controllable margin 160,000Total average assets 4,000,000Fixed costs 100,000What is the ROI for the year?
Question 3
Ratios are used as tools in financial analysis
Question 4
Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle?
Question 5
A master budget consists of
Question 6
The date on which a cash dividend becomes a binding legal obligation is on the
Question 7
If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 410,000 pounds are required for January production, how many pounds of raw materials should be purchased in January?
Question 8
All of the following statements regarding changes in accounting principles are true except which of the following?
Question 9
On the basis of the budget reports,
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ACC 556 Midterm Part 1 (100% Correct Answers)
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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?
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ACC 556 Midterm Part 1 and 2
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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?
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ACC 556 Midterm Part 2 (100% Correct Answers)
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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 3A trial balance proves•Question 4Fehr 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 5A revenue generally•Question 6A merchandiser will earn an operating income of exactly $0 whenQuestion 7•Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances):Accounts Receivable $3,357,000Allowances for Doubtful Accounts $ 63,900Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?•Question 8All of the following are characteristics of every accounting information system except it is a system•Question 9Receivables are 
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ACC 556 Week 6 Assignment 1 Financial Analysis (4 Papers, Apple, Lowe's, Mc Donalds, Walmart)
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This Tutorial contains 4 Different Papers (Apple, Lowe's, Mc Donalds, Walmart)ACC 556 Week 6 Assignment 1 Financial AnalysisAssignment 1: Financial Analysisworth 160 pointsUse 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. 
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ACC 556 Week 10 Assignment 2 Budget Planning and Control (3 Papers)
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This Tutorial contains 3 Different PapersAssignment 2: Budget Planning and ControlDue Week 10 and worth 160 pointsUse 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 you1.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. 
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