Categories
ACC 556 Midterm Part 2 (100% Correct Answers)
$12.00

ACC 556 Midterm Part 2 (100% Correct Answers)

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

 

This Tutorial contains following Attachments

  • ACC 556 S Midterm Part 2 (100% Correct Answers).docx

ACC 556 - Midterm part 2


•Question 1
Which of these would cause the inventory turnover ratio to increase the most?

•Question 2
Bad Debt Expense is considered

•Question 3
A trial balance proves

•Question 4
Fehr Company sells merchandise on account for $5,000 to Kelly Company with credit terms of 2/10, n/30. Kelly Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?

•Question 5
A revenue generally

•Question 6
A merchandiser will earn an operating income of exactly $0 when

•Question 7
Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances):
        Accounts Receivable                                      $3,357,000
        Allowances for Doubtful Accounts                  $     63,900
 
Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?

•Question 8
All of the following are characteristics of every accounting information system except it is a system

•Question 9
Receivables are

•Question 10
Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true?

•Question 11
What is an advantage of using the multiple-step income statement?

•Question 1
Which of these would cause the inventory turnover ratio to increase the most?

•Question 2
Bad Debt Expense is considered

•Question 3
A trial balance proves

•Question 4
Fehr Company sells merchandise on account for $5,000 to Kelly Company with credit terms of 2/10, n/30. Kelly Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?


•Question 5
A revenue generally

•Question 6
A merchandiser will earn an operating income of exactly $0 when

•Question 7
Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances):
        Accounts Receivable                                      $3,357,000
        Allowances for Doubtful Accounts                  $     63,900
 
Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?

•Question 8
All of the following are characteristics of every accounting information system except it is a system

•Question 9
Receivables are

•Question 10
Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true?

•Question 11
What is an advantage of using the multiple-step income statement?

•Question 12
The primary difference between accrued revenues and unearned revenues is that accrued revenues have:

•Question 13
Dobler Company gathered the following reconciling information in preparing its June bank reconciliation:
 
Cash balance per books, 6/30                               $8,400
Deposits in transit                                                       600
Notes receivable and interest collected by bank      1,480
Bank charge for check printing                                     50
Outstanding checks                                                 3,000
NSF check                                                                  280
 
The adjusted cash balance per books on June 30 is

•Question 14
Which of the following is least likely to help a company minimize losses as credit standards are relaxed?

•Question 15
A company usually determines the amount of supplies used during a period by:

•Question 16
If a company is given credit terms of 2/10, n/30, it should

•Question 17
Independent internal verification of the physical inventory process occurs when

•Question 18
Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using

•Question 19
At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the collections in the journal and ledger. Which of the following is the best explanation of this type of internal control principle over cash receipts?

•Question 20
Which statement is incorrect?

•Question 21
Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns.

•Question 22
All of the following are true regarding the management and monitoring of cash except

•Question 23
If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true?

•Question 24
Which one of the following is not an objective of a system of internal controls?

•Question 25
Olympus Climbers Company has the following inventory data:
                  July 1            Beginning inventory          20 units at $19       $   380
                      7            Purchases                         70 units at $20         1,400
                    22            Purchases                         10 units at $22            220
                                                                                                             $2,000
 
A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

 

Write a review

Order Id


Order Id will be kept Confidential
Your Name:


Your Review:
Rating:   A   B   C   D   F  

Enter the code in the box below:



Related Tutorials
$20.00

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

ACC 556 - Midterm part 1 · Question 1 Source documents can provide evidence that a transaction has occurred   · Question 2 Expense recognition is tied to ..
$5.00

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

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 cov..
$5.00

This Tutorial was purchased 1 times & rated A+ by student like you.

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 financin..
$5.00

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

Chapter 11 Quiz   Question 1   A current liability must be paid out of current earnings. Question 2   Most notes are not interest bearing   Question 3   Unearned revenues are received before goods are delivered or services are ..
$5.00

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

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. Questio..
$5.00

This Tutorial was purchased 7 times & rated No rating by student like you.

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..
$5.00

This Tutorial was purchased 1 times & rated B+ by student like you.

Chapter 8 Quiz Question 1   An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected. Question 2   Allowance for Doubtful Accounts is a ..
$5.00

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

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..
$5.00

This Tutorial was purchased 1 times & rated A+ by student like you.

Chapter 6 Quiz Question 1   Raw materials inventories are the goods that a manufacturing company has completed and are ready to be sold to customers. Question 2   Goods held on consignment should be included in the consignor’s ending inventory   Ques..
$5.00

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

Chapter 5 Quiz   Question 1   An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system. Question 2   The terms 2/10, net/30 mean that a 2 percent discount is allowed on payments made ..
$5.00

This Tutorial was purchased 1 times & rated A+ by student like you.

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 ..
$5.00

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

Chapter 3 Quiz · Question 1 Economic events that require recording in the financial statements are called accounting transactions · Question 2 An account is often referred to as a T-account because of the way it is constructed. · Question 3 Revenues are a subdivision of st..
$5.00

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

Chapter 2 Quiz Question 1   Cash and supplies are both classified as current assets. Question 2   Earnings per share measures the net income earned on each share of common stock. Question 3   Net cash provided by operating activities takes into a..
$5.00

This Tutorial was purchased 1 times & rated A+ by student like you.

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 pu..
$12.00

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

Final  Part 2 Question 1   A manager of a cost center is evaluated mainly on Question 2   Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%.   Sales       &..
$12.00

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

Final  Part 1 Question 1   Under the corporate form of business organization Question 2   Accountants do not attempt to measure the change in a plant asset's market value during ownership because Question 3   Budget reports provide the feed..
$20.00

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

Final  Part 1 Question 1   Under the corporate form of business organization Question 2   Accountants do not attempt to measure the change in a plant asset's market value during ownership because Question 3   Budget reports provide the feed..
$35.00

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

Please check the details of Quizzes given under our product section individually (all questions are mentioned there)  ACC 556 Chapter 1 Quiz (100% Score) ACC 556 Chapter 2 Quiz (100% Score) ACC 556 Chapter 3 Quiz (100% Score) ACC 556 Chapter 4 Quiz (100% Score) ACC ..
$8.00

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

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

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

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

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

ACC 556 Week 5 Comparing the Impact ..
$8.00

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

ACC 556 Week 5 Crooked Scenario 5 ..
$8.00

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

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

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

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

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

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

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

ACC 556 Week 1 Sherlock Homes ..
$8.00

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

ACC 556 Week 1 Crooked Scenario 1 ..
$8.00

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

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

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

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