Category Archives: ACC 556

STRAYER ACC 556 Chapter 7 Quiz (100% Score) updated

STRAYER ACC 556 Chapter 7 Quiz (100% Score) updated

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STRAYER ACC 556 Chapter 7 Quiz (100% Score) updated

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.

STRAYER ACC 556 Chapter 8 Quiz (100% Score) updated

STRAYER ACC 556 Chapter 8 Quiz (100% Score) updated

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STRAYER ACC 556 Chapter 8 Quiz (100% Score) updated

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.

STRAYER ACC 556 Chapter 9 Quiz (100% Score) updated

STRAYER ACC 556 Chapter 9 Quiz (100% Score) updated

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STRAYER ACC 556 Chapter 9 Quiz (100% Score) updated

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 updated 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.

STRAYER ACC 556 Final Part 1 and 2 updated

STRAYER ACC 556 Final Part 1 and 2 updated

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STRAYER ACC 556 Final Part 1 and 2 updated

Final Part 1

Question 1

Under the corporate form of business organization

Question 2

Accountants do not attempt to measure the change in a plant asset’s market value during ownership because

Question 3

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

Question 4

Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.

Question 5

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

Question 6

The market rate of interest is often called the

Question 7

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

Question 8

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

Question 9

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

Question 10

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

Question 11

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

Question 12

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

Question 13

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

Question 14

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

Question 15

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

Question 16

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

Question 17

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

Question 18

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

Question 19

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

Question 20

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

Final Part 2

Question 1

A manager of a cost center is evaluated mainly on

Question 2

Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%.

Sales                                                $ 1,400,000

Controllable margin                                 160,000

Total average assets                             4,000,000

Fixed costs                                             100,000

What is the ROI for the year?

Question 3

Ratios are used as tools in financial analysis

Question 4

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

Question 5

A master budget consists of

Question 6

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

Question 7

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

Question 8

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

Question 9

On the basis of the budget reports,

Question 10

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

Question 11

The primary purpose of the statement of cash flows is to

Question 12

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

COCHRAN CORPORATION, INC.

Income Statement

For the Year Ended December 31, 2014

Net Sales                                         $240

Cost of Goods Sold                             80

Gross Profit                                       160

Operating Expenses                           65

Net Income                                     $ 95

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

Question 13

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

Total asset                                                         $400,000

Stockholders’ equity—common                           200,000

Total stockholders’ equity                                    280,000

Sales revenue                                                     120,000

Net income                                                             25,000

Number of shares of common stock                       8,000

Common dividends                                                9,000

Preferred dividends                                                 6,000

What is Marsh’s payout ratio?

Question 14

A flexible budget

Question 15

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

Question 16

Assume the following sales data for a company:

2015                         $910,000

2014                         $770,000

2013                          700,000

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

Question 17

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

Net Income                                                    $30,000

Average Total Liabilities                                   80,000

Average Current Liabilities                               36,000

Cash Provided by Operations                         48,000

Cash Sales                                                    130,000

Capital Expenditures                                       22,000

Dividends Paid                                                   6,000

What is the current cash debt coverage?

Question 18

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

Question 19

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

Question 20

The single most important output in preparing financial budgets is the

Question 21

Zoum Corporation had the following transactions during 2014:

1 – Issued $125,000 of par value common stock for cash.

2 – Recorded and paid wages expense of $60,000.

3 – Acquired land by issuing common stock of par value $50,000.

4 – Declared and paid a cash dividend of $10,000.

5 – Sold a long-term investment (cost $3,000) for cash of $3,000.

6 – Recorded cash sales of $400,000.

7 – Bought inventory for cash of $160,000.

8 – Acquired an investment in Zynga stock for cash of $21,000.

9 – Converted bonds payable to common stock in the amount of $500,000.

10 – Repaid a 6 year note payable in the amount of $220,000.

What is the net cash provided by operating activities?

Question 22

A critical factor in budgeting for a service firm is to

Question 23

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

Question 24

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

Question 25

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

 

STRAYER ACC 556 Final Part 1 (100% Correct Answers) updated

STRAYER ACC 556 Final Part 1 (100% Correct Answers) updated

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STRAYER ACC 556 Final Part 1 (100% Correct Answers) updated

Final Part 1

Question 1

Under the corporate form of business organization

Question 2

Accountants do not attempt to measure the change in a plant asset’s market value during ownership because

Question 3

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

Question 4

Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.

Question 5

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

Question 6

The market rate of interest is often called the

Question 7

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

Question 8

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

Question 9

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

Question 10

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

Question 11

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

Question 12

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

Question 13

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

Question 14

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

Question 15

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

Question 16

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

Question 17

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

Question 18

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

Question 19

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

Question 20

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

STRAYER ACC 556 Final Part 2 (100% Correct Answers) updated

STRAYER ACC 556 Final Part 2 (100% Correct Answers) updated

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STRAYER ACC 556 Final Part 2 (100% Correct Answers) updated

Final Part 2

Question 1

A manager of a cost center is evaluated mainly on

Question 2

Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%.

Sales                                                 $ 1,400,000

Controllable margin                                 160,000

Total average assets                             4,000,000

Fixed costs                                             100,000

What is the ROI for the year?

Question 3

Ratios are used as tools in financial analysis

Question 4

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

Question 5

A master budget consists of

Question 6

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

Question 7

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

Question 8

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

Question 9

On the basis of the budget reports,

Question 10

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

Question 11

The primary purpose of the statement of cash flows is to

Question 12

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

COCHRAN CORPORATION, INC.

Income Statement

For the Year Ended December 31, 2014

Net Sales                                        $240

Cost of Goods Sold                             80

Gross Profit                                       160

Operating Expenses                           65

Net Income                                     $ 95

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

Question 13

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

Total asset                                                         $400,000

Stockholders’ equity—common                           200,000

Total stockholders’ equity                                   280,000

Sales revenue                                                     120,000

Net income                                                            25,000

Number of shares of common stock                       8,000

Common dividends                                                 9,000

Preferred dividends                                                 6,000

What is Marsh’s payout ratio?

Question 14

A flexible budget

Question 15

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

Question 16

Assume the following sales data for a company:

2015                         $910,000

2014                         $770,000

2013                           700,000

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

Question 17

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

Net Income                                                     $30,000

Average Total Liabilities                                   80,000

Average Current Liabilities                              36,000

Cash Provided by Operations                         48,000

Cash Sales                                                     130,000

Capital Expenditures                                       22,000

Dividends Paid                                                  6,000

What is the current cash debt coverage?

Question 18

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

Question 19

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

Question 20

The single most important output in preparing financial budgets is the

Question 21

Zoum Corporation had the following transactions during 2014:

1 – Issued $125,000 of par value common stock for cash.

2 – Recorded and paid wages expense of $60,000.

3 – Acquired land by issuing common stock of par value $50,000.

4 – Declared and paid a cash dividend of $10,000.

5 – Sold a long-term investment (cost $3,000) for cash of $3,000.

6 – Recorded cash sales of $400,000.

7 – Bought inventory for cash of $160,000.

8 – Acquired an investment in Zynga stock for cash of $21,000.

9 – Converted bonds payable to common stock in the amount of $500,000.

10 – Repaid a 6 year note payable in the amount of $220,000.

What is the net cash provided by operating activities?

Question 22

A critical factor in budgeting for a service firm is to

Question 23

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

Question 24

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

Question 25

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

STRAYER ACC 556 Midterm Part 1 and 2 updated

STRAYER ACC 556 Midterm Part 1 and 2 updated

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STRAYER ACC 556 Midterm Part 1 and 2 updated

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

STRAYER ACC 556 Midterm Part 1 (100% Correct Answers) updated

STRAYER ACC 556 Midterm Part 1 (100% Correct Answers) updated

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STRAYER ACC 556 Midterm Part 1 (100% Correct Answers) updated

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?

STRAYER ACC 556 Midterm Part 2 (100% Correct Answers) updated

STRAYER ACC 556 Midterm Part 2 (100% Correct Answers) updated

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STRAYER ACC 556 Midterm Part 2 (100% Correct Answers) updated

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

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

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

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http://www.homeworkrank.com/acc-556-strayer/acc-556-week-6-assignment-1-financial-analysis–updated

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STRAYER ACC 556 Chapter 10 Quiz (100% Score) updated

This Tutorial contains 4 Different Papers (Apple, Lowe’s, Mc Donalds, Walmart)

ACC 556 Week 6 Assignment 1 Financial Analysis

Assignment 1: Financial Analysis

worth 160 points

Use the Internet or Str databases to research one (1) publicly traded company and review its last annual report. Use an investor’s view to perform financial analysis and discuss various non-financial factors impacting investment decision.

Write a two to three (2-3) page paper in which you:

1. From an investor’s view, review the last annual report for chosen company. Use financial analysis tools of liquidity, profitability, and solvency to evaluate the company’s performance and reasons for investing or not investing. Include the company’s ranking in the industry, and its major competitors.

2. From an investor’s views, discuss at least three (3) non-financial factors that suggest investing in this company. These may include environmental responsibility (sustainability), corporate governance, etc. Explain the main reasons why these are important to an investor.

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

Your assignment must follow these formatting requirements:

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

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

The specific course learning outcomes associated with this assignment are:

• Analyze and interpret financial statements.

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

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

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