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

Free Essay

Research Assignment Part 1

...Janocha, Steven January 10, 2014 Research Assignment Part 1 1. Why Windows Server 2008 does come in different versions? What is the significance of each version? Windows Server 2008, as well as other versions of Windows, comes in different versions for different uses. Not all users need the same thing in an Operating system. Some just want it for the basics, like printing, the internet and A DHCP server. Large companies need a fuller operating system for their servers because they are going to need a lot more out of there Operating system. There are five different versions to choose from. When you select Windows Server 2008 Standard as an Operating system. There are different reasons to choose each version you need. If you are looking for an Operating system for a Printer server or a DHCP, DNS since these operating functions do not require a lot of memory this would be a good Operating system for a Low to mid-range Server. When you Select Windows Server 2008 Enterprise it is usually adapted for Larger Companies that are using Windows Exchange server and large SQL Server 2008 Applications. Enterprise allows you to use Failover Cluster which is a group of computer that work together when running clustered roles. Windows Server 2008 Datacenter has unlimited virtualization use rights and a hypervisor-based virtualization. This version allows you to use the most processors and RAM up to 64 processors and 2 terabytes of......

Words: 825 - Pages: 4

Premium Essay

Acc 557 Assignment 1: Ethics

...Ethical Breaches ACC 557 Name Date Instructor Introduction In recent years, accounting ethical breaches has emerged as a major problem for most of the organizations. With growth of businesses, the number of accounting ethical breaches has also increased in organizations. Accounting ethical breaches may be defined as the misappropriation and misconduct of financial data by the auditors and accountants of the company (Duska & Ragatz, 2011). The accounting ethical breaches not only affect the organization, but also the stakeholders involved with the organization. The paper will discuss the accounting ethical breach in Enron. The paper will also discuss the ethical issues, accounting ethical breaches and the recommendations to prevent such breaches. Ethical Behavior in Current Business and Regulatory Environment With increasing number of corporate ethical breaches, the role of ethical behavior has increased in organizations. The organizations are more supportive to ethical behavior ensuring risk, compliance and governance culture within organization. As a part of this culture, effective communication around ethical practices has been followed by the organization. Since ethical breaches are mainly done for the sake of money, rewarding and ethical practices has effectively helped organizations to minimize the ethical breaches (Ferrell & Fraedrich, 2009). At the same time, ethical breaches have not only affected the image of the company, but are also responsible......

Words: 1393 - Pages: 6

Premium Essay

Acc 557 Assignment 1: Review of Accounting Ethics

...Assignment 1: Review of Accounting Ethics ACC 557 April 27, 2014 Conductive Ethical Behavior I believe that the current business and regulatory environment is more conductive to ethical behavior. In current times a company’s reputation can determine its success or failure. This has made more company’s own up to their ethical mistakes and behaviors. They are more likely to admit a mistake or failure when an ethical breach has surface in order to save face and keep its reputation. This is evident in the ethical breach I will be writing my paper on. Organization Yahoo Inc. is an American multinational internet corporation headquartered in Sunnyvale, California. It is widely known for its web portal, search engine Yahoo Search, and related services, including Yahoo Directory and Yahoo mail (Staff, 2012). Ethical Breach and Detection Yahoo hired Thompson as CEO in January 2012. On May 3, 2012 investor Dan Loeb, CEO of Third Point LLC, sent a letter to Yahoo’s Board of Directors (Prnewswire.com). The letter names a Yahoo SEC filing declaring that Thompson holds a Bachelor's degree in accounting and computer science from Stonehill College and that Loeb had reason to believe that the degree was in accounting only. Loeb questioned if Thompson had embellished his academic credentials and also questioned if the Board had failed to exercise appropriate diligence and oversight in one of its most fundamental tasks – identifying and hiring the Chief Executive Officer. Loeb......

Words: 764 - Pages: 4

Premium Essay

Acc 557 Complete Assignments 1 , 2 and 3 to Purchase All Assignments Please Follow the Link Below/ Homework-Aid

...ACC 557 Complete Assignments 1 ,2 and 3 To Purchase all Assignments please follow The Link Below http://www.homework-aid.com/ACC-557-Complete-All-Assignments-12-3-Strayer-152.htm ACC 557 Assignment 1: Review of Accounting Ethics Purchase Assignment 1 here Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Search the Internet or the Strayer Library to locate a story in the news that depicts an accounting ethical breach. You may select from any type of organization about which you have information or a curiosity. Write a four to five (4-5) page paper in which you: Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer. Based on your research, describe the organization, the accounting ethical breach and the impact to the organization related to ethical breach. Determine how the organizational ethical issue was detected and how management failed to create an ethical environment. Analyze the accounts impacted and / or accounting guidelines violated and the resulting impact to the business operation. As a CFO, recommend which measures could have been taken to prevent this ethical breach and how each measure should be implemented in the future. Use at least FIVE (5) quality academic......

Words: 1366 - Pages: 6

Premium Essay

Acc 557 Homework Problems Chapter 1-14

...ACC 557 Homework Problems Chapter 1-14 ACC 557 Problems Chapter 1 – 14 100% Score Guaranteed You can purchase all solutions from following: Click here to Purchase ACC 557 Problem Solutions Note: All solutions are in .png format (Original WileyPlus Environment Snapshots) You cant go wrong with this help Contact us if you need help with Quizzes, Assignments, Discussion Questions for ACC 557 our email is support@hwmojo.com Instant download Chapter 1 ACC 557 Week 1 Homework Chapter 1 Exercise 1-4 Your answer is correct. The following situations involve accounting principles and assumptions. For each of the three situations, state if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated. Accounting method Principle/Assumption 1. Julia Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Julia reports the buildings at fair value in its accounting repor 2. Dekalb Company includes in its accounting records only transaction data that can be expressed in terms of money. Monetary......

Words: 8842 - Pages: 36

Free Essay

Acc 403 Week 5 Midterm Exam

...ACC 403 WEEK 5 MIDTERM EXAM To purchase this visit here: http://www.activitymode.com/product/acc-403-week-5-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 403 WEEK 5 MIDTERM EXAM STRAYER LATEST ACC 403 Week 5 Midterm Exam Activity mode aims to provide quality study notes and tutorials to the students of ACC 403 Week 5 Midterm Exam Strayer Latest in order to ace their studies. ACC 403 WEEK 5 MIDTERM EXAM To purchase this visit here: http://www.activitymode.com/product/acc-403-week-5-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 403 WEEK 5 MIDTERM EXAM STRAYER LATEST ACC 403 Week 5 Midterm Exam Activity mode aims to provide quality study notes and tutorials to the students of ACC 403 Week 5 Midterm Exam Strayer Latest in order to ace their studies. ACC 403 WEEK 5 MIDTERM EXAM To purchase this visit here: http://www.activitymode.com/product/acc-403-week-5-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 403 WEEK 5 MIDTERM EXAM STRAYER LATEST ACC 403 Week 5 Midterm Exam Activity mode aims to provide quality study notes and tutorials to the students of ACC 403 Week 5 Midterm Exam Strayer Latest in order to ace their studies. ACC 403 WEEK 5 MIDTERM EXAM To purchase this visit here: http://www.activitymode.com/product/acc-403-week-5-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 403 WEEK 5 MIDTERM EXAM STRAYER LATEST ACC 403 Week 5 Midterm Exam Activity mode aims to provide quality study notes and......

Words: 561 - Pages: 3

Free Essay

Hsa 515 Midterm Exam Part 1 and 2

...HSA 515 MIDTERM EXAM PART 1 AND 2 To purchase this visit following link: http://www.activitymode.com/product/hsa-515-midterm-exam-part-1-and-2/ Contact us at: SUPPORT@ACTIVITYMODE.COM HSA 515 MIDTERM EXAM PART 1 AND 2 Part:1 Course: Health Care Policy, Law And Et Test: Week 5 Midterm Exam Part 1 Attempt Score: 125 out of 125 points Time Elapsed 28 minutes out of 2 hours. Instructions: This midterm exam consists of 25 multiple choice questions and covers the material in Chapters 1 through 3. Question 1 5 out of 5 points The person often referred to as the first hospital administrator Question 2 5 out of 5 points Reform in medical education early in the 20th century was due to Question 3 5 out of 5 points The inventor of the electrocardiograph, which marked the beginning of medicine in the 20th century Question 4 5 out of 5 points The first incorporated hospital in the U.S. was founded in Question 5 5 out of 5 points The person who claimed that the alarming number of deaths from puerperal fever was due to infection transmitted by students who came directly from the dissecting room to take care of maternity patients Question 6 5 out of 5 points With the goal of providing the best professional, scientific and humanitarian care possible, the focus of efforts in hospital standardization was the Question 7 5 out of 5 points HSA 515 MIDTERM EXAM PART 1 AND 2 To purchase this visit following......

Words: 1458 - Pages: 6

Free Essay

Acc 206 Week 5 Midterm Exam

...ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit......

Words: 1666 - Pages: 7

Premium Essay

Acc 564 Assignment 1

...Assignment One: Information Needs for the AIS Lindsay Bostick ACC 564 Accounting Information Systems Note: This assignment is submitted on April 15, 2016 to Dr. Ahmad Abudiab in fulfillment of a requirement for successful course completion. Introduction of Accounting Information Systems “Accounting is a data identification, collection, and storage process as well as an information development, measurement, and communication process. By definition, accounting is an information system, since an AIS collects, records, stores, and processes accounting and other data to produce information for decision makers (Romney, p. 10).” The accounting process controls what happens in other groups such as marketing, services, human resources, sales, IT, staff, customer service, organizational, and inventory. Decisions are only made if the accounting team allows them to. Funding needs to be budgeted and accounted for before any money is spent within those other teams. “An AIS can be a paper-and-pencil manual system, a complex system using the latest in IT, or something in between. Regardless of the approach taken, the process is the same. The AIS must collect, enter, process, store, and report data and information (Romney, p. 10).” It doesn’t matter if the accounting team uses software such as QuickBooks, an internal accounting system, or just an EXCEL spreadsheet to collect the information as long as it is timely and accurate. The company......

Words: 1391 - Pages: 6

Premium Essay

Acc 565 Week 5 Midterm Exam

...ACC 565 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC565WEEK5MIDTERMEXAM/540 contact us at: help@mindblows.us ACC 565 WEEK 5 MIDTERM EXAM 1) Tax planning is not an integral part of open-fact situations. 2) The Internal Revenue Code of 1986 contains the current version of the tax law. 3) Regulations issued prior to the latest tax legislation dealing with a specific Code section are still effective to the extent they do not conflict with the provisions in the new legislation. 4) Final regulations have almost the same legislative weight as the IRC. 5) A revenue ruling is issued by the Internal Revenue Service only in response to a verbal inquiry by a taxpayer. 6) Taxpayers must pay the disputed tax prior to filing a case with the Tax Court. 7) Appeals from the U.S. Tax Court are to the Court of Appeals for the Federal Circuit. 8) Appeals from the Court of Appeals go to the Supreme Court under a writ of certiorari. The Supreme Court decides whether or not they will hear the case. 9) A citator enables tax researchers to locate authorities (e.g., cases and IRS pronouncements) that have cited a particular case. 10) According to the Statements on Standards for Tax Services, CPAs must verify all tax return information submitted by reviewing client documentation. 11) When a taxpayer contacts a tax advisor requesting advice as to the most advantageous way to dispose of a stock, the tax advisor is faced with A) a......

Words: 4931 - Pages: 20

Free Essay

Bus 515 Midterm Exam Assignment

...merchandise to its various retail locations? • engineering • human resources • marketing • operations management • purchasing Strayer University Midterm Exam Study Guide BUS 515 Midterm Exam Multiple Choice Question 24 When does productivity increase? • inputs increase while outputs remain the same • inputs decrease while outputs remain the same • outputs decrease while inputs remain the same • inputs and outputs increase proportionally • none of these choices Multiple Choice Question 4 The process of monitoring the external environment is called what? • environmental examination • environmental inspection • environmental scrutiny • environmental perusal • environmental scanning Multiple Choice Question 12 Highly-skilled hourly workers would be most needed by companies employing which of the following competitive priorities? • location • cost • flexibility • development speed • time Multiple Choice Question 26 Consider a pizza parlor. Which of the following would not be a valid productivity measure? • pizzas produced / number of workers used • pizzas produced / number of ovens • pizzas produced / cost of workers and ingredients • pizzas produced / cost of all inputs used • labor hours / pizzas produced Multiple Choice Question 36 Suppose that a plant has a daily productivity of 0.85 parts per employee? What can we conclude? • the plant must be very labor-intensive • the plant is not earning profits • the plant must be......

Words: 938 - Pages: 4

Premium Essay

Soc 100 Midterm Exam Part 2 Assignment

...Question 1 Which of the following behaviors is most likely the result of workplace socialization? • Holding the door open for a coworker • Responding to emails within two hours • Arriving on time • Listening quietly when your boss is speaking Question 2 What is the sociological definition of significant others? • Specific people important in a child’s life who have the greatest impact on their self-evaluation • Relationships characterized by intense emotional ties, face-to-face interaction, intimacy, and a strong, enduring sense of commitment • Those whose opinions provide the basis for how we judge our own attitudes or behaviors • People of similar age and social standing that influence our norms and values Question 3 The study of social interaction as if it were governed by the norms of theatrical performance is referred to as: • Presentation of self • Theatrical socialization • Dramaturgical approach • Shakespearean social interaction Question 4 The unspoken classroom socialization to the norms, values, and roles of a culture that school provides is referred to as: • Textbook socialization • Socialization curriculum • Curriculum of inequality • Hidden curriculum Question 5 Which of the following behaviors is most likely the result of family socialization? • Texting and holding a face-to-face conversation at the same time • Standing during the playing of the national anthem • Arriving to an important appointment 15......

Words: 992 - Pages: 4

Premium Essay

Soc 100 Midterm Exam Part 1 Assignment

...SOC 100 Midterm Exam Part 1 – Assignment Question 1 _____ is considered the first female sociologist and argued that injustices such as slavery and women’s inequality stunted a society’s moral development. • Auguste Comte • Émile Durkheim • Karl Marx • Harriet Martineau Question 2 The ability of individuals and groups to exercise free will and to make social change is referred to as: • Structure • Agency • Free choice • Individualism Question 3 Patterned social arrangements that have an enabling or constraining effect on agency are referred to as: • Structure • Institutions • Free will • Socialization Question 4 Accepted social behaviors and beliefs are referred to as: • Norms • Culture • Social status • Values Question 5 The relationship between agency and structure is _____, as ______. • one-sided, agency influences structure • one-sided, structure enables or constrains agency • reciprocal, they both have an effect on one another • nonexistent, there is no relationship between the two Find the midterm exam answers here just a click away SOC 100 Midterm Exam Part 1 - Assignment Question 6 _____ established the first rules for conducting sociological research and examined the impact of modern society on social solidarity. • Auguste Comte • Émile Durkheim • Karl Marx • Harriet Martineau Question 7 _____ believed that nearly all known societies are characterized by some system of division by economic class, which...

Words: 789 - Pages: 4

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

Free Essay

Acc 557 Tutor Pride in Excellence/Acc557Tutordotcom

...ACC 557 All Assignments, Wileyplus and Quizzes FOR MORE CLASSES VISIT www.acc557tutor.com Please check the details below ACC 557 Week 3 Assignment 1 Review of Accounting Ethics (2 Paper) ACC 557 Week 6 Assignment 2 You Are an Entrepreneur! (2 Paper) ACC 557 Week 10 Assignment 3 You Are an Investment Analyst (2 Papers) ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A) ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A) ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A) ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A) ACC 557 Week 4 Chapter 6 (E6-1,E6-10,E6-14,P6-3A) ACC 557 Week 5 Chapter 7 (E7-5 E7-7 E7-14 P7-3A) ------------------------------------------------------------------------------- ACC 557 Midterm Part 1 FOR MORE CLASSES VISIT www.acc557tutor.com ACC 557 Midterm Part 1 Question 1 What is the order in which assets are generally listed on a classified balance sheet? Question 2 The information for preparing a trial balance on a worksheet is obtained from Question 3 The most efficient way to accomplish closing entries is to Question 4 All of the following are property, plant, and equipment except ------------------------------------------------------------------------------- ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11,......

Words: 1027 - Pages: 5