Premium Essay

Acc 557 Midterm Exam Part 1 Assignment

In: Other Topics

Submitted By UOPeAssignments
Words 1271
Pages 6
ACC 557 Midterm Exam Part 1 Question 1
Equipment is classified in the balance sheet as
• a current asset.
• property, plant, and equipment.
• an intangible asset.
• a long-term investment.

Question 2
Correcting entries are made
• at the beginning of an accounting period.
• at the end of an accounting period.
• whenever an error is discovered.
• after closing entries.

Question 3
The first required step in the accounting cycle is
• reversing entries.
• journalizing transactions in the book of original entry.
• analyzing transactions.
• posting transactions.

Question 4
The net income (or loss) for the period
• is found by computing the difference between the income statement credit column and the balance sheet credit column on the worksheet.
• cannot be found on the worksheet.
• is found by computing the difference between the income statement columns of the worksheet.
• is found by computing the difference between the trial balance totals and the adjusted trial balance totals.

Want to see the ACC 557click here ACC 557

Question 5
The purpose of the post-closing trial balance is to
• prove that no mistakes were made.
• prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
• prove the equality of the income statement account balances that are carried forward into the next accounting period.
• list all the balance sheet accounts in alphabetical order for easy reference.

Question 6
All of the following are property, plant, and equipment except
• supplies.
• machinery.
• land.
• buildings.

Question 7
The operating cycle of a company is the average time that is required to go from cash to
• sales in producing revenues.
• cash in producing revenues.
• inventory in producing revenues.
• accounts receivable in producing revenues.

Question 8
An accounting…...

Similar Documents

Premium Essay

Acc 557 Midterm Exam Part 2,

...Question 1 Net income is gross profit less • financing expenses. • operating expenses. • other expenses and losses. • other expenses. Question 2 On November 2, 2014, Kasdan Company has cash sales of $6,000 from merchandise having a cost of $3,600. The entries to record the day's cash sales will include: • a $3,600 credit to Cost of Goods Sold. • a $6,000 credit to Cash. • a $3,600 credit to Inventory. • d a $6,000 debit to Accounts Receivable. Question 3 Glenn Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Glenn Company pays within the discount period? • $8,100 • $8,280 • $8,820 • $9,000 Question 4 When a seller grants credit for returned goods, the account that is credited is • Sales Revenue. • Sales Returns and Allowances. • Inventory. • Accounts Receivable. Question 5 An aging of a company's accounts receivable indicates that $14,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a • debit to Bad Debt Expense for $14,000. • debit to Allowance for Doubtful Accounts for $12,900. • debit to Bad Debt Expense for $12,900. • credit to Allowance for Doubtful Accounts for $14,000. Find the Complete exam answers click here ACC 557 Week 1 Complete Question 6 The basic issues in accounting for notes receivable include each of the......

Words: 1241 - Pages: 5

Premium Essay

Get Online Help with Ur Assignment Ashford a+Material

...com/downloads/acc-202-complete-course-acc-202-entire-course/ http://homeworktimes.com/downloads/acc-206-entire-course-new/ http://homeworktimes.com/downloads/acc-206-new-week-1-assignment-chapter-one-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-assignment-chapter-two-three-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-journal-institute-management-accounting/ http://homeworktimes.com/downloads/acc-206-new-week-3-assignment-chapter-four-five-problems/ http://homeworktimes.com/downloads/acc-206-new-week-3-journal-hershey-company/ http://homeworktimes.com/downloads/acc-206-new-week-4-assignment-chapter-six-seven-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-chapter-eight-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-final-paper/ http://homeworktimes.com/downloads/acc-212-financial-accounting/ http://homeworktimes.com/downloads/acc-250-complete-course-acc-205-entire-course/ http://homeworktimes.com/downloads/acc-290-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-291-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-340-entire-course-acc-340-complete-course/ http://homeworktimes.com/downloads/acc-400-complete-course-acc-400-entire-course/ http://homeworktimes.com/downloads/acc-407-entire-course/ http://homeworktimes.com/downloads/acc-455-complete-course/ ......

Words: 3197 - Pages: 13

Premium Essay

Fin 534 Student Guide

...N (Prerequisite: ACC 557 or ACC 556) COURSE DESCRIPTION Introduces the concepts of finance. Reviews the basic tools and their use for making financial decisions. Explains how to measure and compare risks across investment opportunities. Analyzes how the firm chooses the set of securities it will issue to raise capital from investors as well as how the firm’s capital structure is formed. Examines how the choice of capital structure affects the value of the firm. Presents valuation and integrate risk, return and the firm’s choice of capital structure. INSTRUCTIONAL MATERIALS Required Resources Brigham, E. F., & Ehrhardt, M. C. (2014). Financial management (14th ed.). Mason, OH: South-Western Cengage Learning. Supplemental Resources MBA Primer Note: The MBA Primer is designed to help students with little or no educational background in business to prepare for the rigors of an MBA program. The MBA Primer is also a useful tool for students who have the business background but might need a refresher. It is a way to help you prepare for the types of activities and concepts that will be covered in the MBA program, so you can feel more comfortable and confident as you progress into higher level courses. Students are emailed an access code for this product when they purchase MBA Primer from the Strayer Bookstore, accessible through iCampus. CNN Money. (2013). General format. Retrieved from http://money.cnn.com/ Criniti, A. (2013). The necessity of finance.......

Words: 1233 - Pages: 5

Premium Essay

Math 540

...FIN 534 – Financial Management (Prerequisite: ACC 557 or ACC 560) COURSE DESCRIPTION Introduces the concepts of finance. Reviews the basic tools and their use for making financial decisions. Explains how to measure and compare risks across investment opportunities. Analyzes how the firm chooses the set of securities it will issue to raise capital from investors as well as how the firm’s capital structure is formed. Examines how the choice of capital structure affects the value of the firm. Presents valuation and integrate risk, return and the firm’s choice of capital structure. INSTRUCTIONAL MATERIALS Required Resources Brigham, E. F., & Ehrhardt, M. C. (2014). Financial management (14th ed.). Mason, OH: South-Western Cengage Learning. (Note: This is a textbook uniquely created for Strayer and can only be purchased through the Strayer Bookstore. The contents of the book differ from the national title.) Tabbush, V. C., Trueman, B., Levine, D. Opler, T., Brandwein, A. C., Hanna, M. D., & Baran, R. J. (2011). MBA primer: Finance 3.0 instructor-led printed access card (3rd ed.). Mason, OH: Cengage Learning. Supplemental Resources CNN Money. (2013). General format. Retrieved from http://money.cnn.com/ Criniti, A. (2013). The necessity of finance. Philadelphia, PA: Criniti Publishing Company. Fidelity Investments, Inc. SWOT analysis. (2013). Fidelity Investments, Inc. SWOT Analysis, 1-8. Hasseltoft, H. (2012). Stocks, bonds, and long-run consumption risks. Journal of Financial &......

Words: 4119 - Pages: 17

Premium Essay

Management

...Write, Sixth Edition, Trimbur - © Cengage Learning. All rights reserved. No distribution allowed without express authorization. Distributed by Grand Canyon University For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions. Further permissions questions can be emailed to permissionrequest@cengage.com. The Call to Write, Sixth Edition John Trimbur Publisher: Monica Eckman Acquisitions Editor: Margaret Leslie Senior Development Editor: Leslie Taggart Development Editor: Margaret Manos Assistant Editor: Sarah Turner Editorial Assistant: Cailin Barrett-Bressack Media Editor: Janine Tangney Brand Manager: Lydia Lestar Senior Content Project Manager: Corinna Dibble Senior Art Director: Marissa Falco Manufacturing Planner: Betsy Donaghey Rights Acquisition Specialist: Ann Hoffman Production Service and Compositor: MPS Limited Text Designer: Liz Harasymczuk Cover Designer: Wing Ngan Cover Image: Nycretoucher/Workbook Stock/Getty Images © 2014, 2011, 2008 Wadsworth, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored, or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web......

Words: 271772 - Pages: 1088