Categories
ACC 556 Chapter 6 Quiz (100% Score)
$5.00

ACC 556 Chapter 6 Quiz (100% Score)

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

 

This Tutorial contains following Attachments

  • ACC 556 S Chapter 6 Quiz (100% Score).docx

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.

Write a review

Order Id


Order Id will be kept Confidential
Your Name:


Your Review:
Rating:   A   B   C   D   F  

Enter the code in the box below:



Related Tutorials
$10.00

This Tutorial was purchased 7 times & rated A by student like you.

This Tutorial contains 3 Different Papers Assignment 2: Budget Planning and Control Due Week 10 and worth 160 points Use the Internet and / or databases to research budget planning and control. Imagine that the company that you currently work for, have prev..
$10.00

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

This Tutorial contains 4 Different Papers (Apple, Lowe's, Mc Donalds, Walmart) ACC 556 Week 6 Assignment 1 Financial Analysis Assignment 1: Financial Analysis worth 160 points Use the Internet or Str databases to research one (1) publicly traded com..
$12.00

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

ACC 556 - Midterm part 2 •Question 1 Which of these would cause the inventory turnover ratio to increase the most? •Question 2 Bad Debt Expense is considered •Question 3 A trial balance proves •Question 4 Fehr Company sells merchandise on account f..
$12.00

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

ACC 556 - Midterm part 1   · Question 1 Source documents can provide evidence that a transaction has occurred   · Question 2 Expense recognition is tied..
$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 1 times & rated No rating by student like you.

Chapter 22 Quiz Question 1   Budget reports comparing actual results with planned objectives should be prepared only once a year. Question 2   A static budget is changed only when actual activity is different from the level of activity expected. Question 3 ..
$5.00

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

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 budget..
$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 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