Premium Essay

Acc 557 Wk 2 Chapter 2,3 Quiz - All Possible Questions

In: Business and Management

Submitted By robbijeffers
Words 1114
Pages 5
ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions
To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-23-Quiz-All-Possible-Questions-AC5575.htm ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A new account is opened for each transaction entered into by a business firm.

2. The recording process becomes more efficient and informative if all transactions are recorded in one account.

3. When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers.

4. An account is often referred to as a T-account because of the way it is constructed.

5. A debit to an account indicates an increase in that account.

6. If a revenue account is credited, the revenue account is increased.

7. The normal balance of all accounts is a debit.

8. Debit and credit can be interpreted to mean increase and decrease, respectively.

9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures.

10. A credit balance in a liability account indicates that an error in recording has occurred. 11. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement.

12. Revenues are a subdivision of retained earnings. 13. Under the double-entry system, revenues must always equal expenses.

14. Transactions are entered in the ledger first and then they are analyzed in terms of their effect on the accounts.

15. Business documents can provide evidence that a transaction has occurred.

16. Each transaction must be analyzed in terms of its effect on the accounts before it can…...

Similar Documents

Premium Essay

Acc 557 Wk 2 Chapter 1 Quiz - All Possible Questions

...ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-1-Quiz-All-Possible-Questions-ACC5574.htm ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. Owners of business firms are the only people who need accounting information. 2. Transactions that can be measured in dollars and cents are recorded in the financial information system. 3. The hiring of a new company president is an economic event recorded by the financial information system. 4. Management of a business enterprise is the major external user of information. 5. Accounting communicates financial information about a business enterprise to both internal and external users. 6. Accounting information is used only by external users with a financial interest in a business enterprise. 7. Financial statements are the major means of communicating accounting information to interested parties. 8. Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process. 9. The origins of accounting are attributed to Luca Pacioli, a famous mathematician. 10. The study of accounting will be useful only if a student is interested in working for a profit-oriented business firm. 11. Private accountants are accountants who are not employees of business......

Words: 1038 - Pages: 5

Premium Essay

Acc 557 Wk 2 Chapter 2,3 Quiz - All Possible Questions

...ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-23-Quiz-All-Possible-Questions-AC5575.htm ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A new account is opened for each transaction entered into by a business firm. 2. The recording process becomes more efficient and informative if all transactions are recorded in one account. 3. When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers. 4. An account is often referred to as a T-account because of the way it is constructed. 5. A debit to an account indicates an increase in that account. 6. If a revenue account is credited, the revenue account is increased. 7. The normal balance of all accounts is a debit. 8. Debit and credit can be interpreted to mean increase and decrease, respectively. 9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures. 10. A credit balance in a liability account indicates that an error in recording has occurred. 11. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. 12. Revenues are a subdivision of retained earnings. 13....

Words: 1114 - Pages: 5

Premium Essay

Acc 557 Wk 4 Chapter 4 Quiz - All Possible Questions

...ACC 557 WK 4 Chapter 4 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-4-Chapter-4-Quiz-All-Possible-Questions-ACC5576.htm ACC 557 WK 4 Chapter 4 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet. 2. If a worksheet is used, financial statements can be prepared before adjusting entries are journalized. 3. If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income. 4. It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet. 5. The adjustments on a worksheet can be posted directly to the accounts in the ledger from the worksheet. 6. The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns. 7. The balance of the depreciation expense account will appear in the income statement debit column of a worksheet. 8. Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year. 9. The Dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period...

Words: 1229 - Pages: 5

Premium Essay

Acc 560 Wk 2 Quiz 1 - All Possible Questions

...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are......

Words: 1281 - Pages: 6

Premium Essay

Acc 560 Wk 3 Quiz 2 - All Possible Questions

...ACC 560 WK 3 Quiz 2 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-3-Quiz-2-All-Possible-Questions-18.htm ACC 560 WK 3 Quiz 2 - All Possible Questions TRUE-FALSE STATEMENTS 1. Cost accounting is primarily concerned with accumulating information about product costs. 2. A job order cost system is most appropriate when a large volume of uniform products are produced. 3. A process cost accounting system is appropriate for similar products that are continuously mass produced. 4. The perpetual inventory method cannot be used in a job order cost system. 5. A job order cost system and a process cost system are two alternative methods for valuing inventories. 6. A job order cost system identifies costs with a particular job rather than with a set time period. 7. A company may use either a job order cost system or a process cost system, but not both. 8. Raw Materials Inventory, Factory Labor, and Manufacturing Overhead are all control accounts in the general ledger when a job order cost accounting system is used. 9. Accumulating and assigning manufacturing costs are two important activities in a job order cost system. 10. Recording the acquisition of raw materials is a part of accumulating manufacturing costs. 11. Manufacturing costs are generally incurred in one period and recorded in a subsequent period. 12. ......

Words: 1632 - Pages: 7

Premium Essay

Bus 230 Wk 3 Quiz Chapter 2,3 - All Possible Questions

...BUS 230 WK 3 Quiz Chapter 2,3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-230-WK-3-Quiz-Chapter-23-All-Possible-Questions-BUS2302.htm BUS 230 WK 3 Quiz Chapter 2,3 - All Possible Questions 1. An effective supply strategy primarily focuses on linking: a. current needs to current markets. b. future needs to future markets. c. current needs to future markets. d. future needs to current markets. e. current and future needs to current and future markets. 2. Organizational objectives and supply objectives typically are expressed: a. differently, making it difficult to translate organizational objectives into supply objectives. b. differently, providing the supply manager multiple opportunities to tap into organizational resources. c. the same (survival, growth, financial, and environmental), making it easy to translate organizational objectives into supply objectives. d. the same factors (quality, quantity, price, delivery and service), but long-term at the organizational level and short-term at the supply level. e. in ways that are very specific to the organization, making it difficult to convey objectives to suppliers. 3. Which one of the following is NOT one of the six major supply strategy areas: a. competitive-edge strategies. b. environmental-change strategies. c. new-product design strategies. d. risk-management strategies. e. cost-reduction strategies. 4. When developing supply strategies......

Words: 916 - Pages: 4

Premium Essay

Bus 309 Wk 3 Quiz 2 Chapter 2 - All Possible Questions

...BUS 309 WK 3 Quiz 2 Chapter 2 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-309-WK-3-Quiz-2-Chapter-2-All-Possible-Questions-BUS3093.htm BUS 309 WK 3 Quiz 2 Chapter 2 - All Possible Questions 1. Which theories of ethics contend that right and wrong are determined by more than the likely consequences of an action? 1. Egoistic theories 2. Nonconsequentialist theories 3. Relativist theories 4. Consequentialist theories 1. Nonconsequentialist theories are also called 1. Deontological theories 2. Relativist theories 3. Egoistic theories 4. Virtue ethics theories 1. Epicurus was a 1. Stoic 2. Hedonist 3. Platonist 4. Aristotelian 1. Someone who holds that everyone should let self-interest guide their actions is a 1. Personal egoist 2. Personal hedonist 3. Impersonal egoist 4. Impersonal hedonist 1. The view that equates morality with self-interest is 1. Stoicism 2. Egoism 3. Hedonism 4. Platonism 1. Psychological hedonists hold that humans are by nature 1. Virtuous 2. Selfish 3. Altruistic 4. Immoral 1. The view that we should always act so as to produce the greatest possible balance of good over bad for everyone affected by our actions is known as 1. Virtue ethics 2. Divine command ethics 3. Deontology 4. Utilitarianism 1. Jeremy Bentham and John Stuart Mill both endorsed 1. Virtue ethics 2. Divine command ethics 3. Deontology 4. Utilitarianism 1. By “good” utilitarians...

Words: 739 - Pages: 3

Premium Essay

Bus 375 Wk 2 Chapter 1,2 Quiz - All Possible Questions

...BUS 375 WK 2 Chapter 1,2 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-375-WK-2-Chapter-12-Quiz-All-Possible-Questions-BUS3751.htm BUS 375 WK 2 Chapter 1,2 Quiz - All Possible Questions CHAPTER 1: (E) 1. In today’s market, which of the following industries appears to have a need for project management? A. Aerospace & defense B. Construction C. Information systems D. All industries have a need for project management (M) 2. Which of the following is not one of the PMBOKâ Guide’s five process groups? A. Feasibility studies B. Planning C. Execution D. Closure (E) 3. Which of the following is normally not one of the traditional components of the triple constraint? A. Within time B. Within cost C. Within performance (Scope, technology or quality) D. Accepted by the customer (M) 4. Which of the following is a potential benefit of using project management? A. Maximization of continuous reporting B. No need for identification of functional responsibilities C. Identification of time limits for scheduling D. No need for a project management methodology (E) 5. Which of the following functions of classical management is generally not performed by the project manager? A. Planning B. Organizing C. Staffing D. Controlling (M) 6. Which of the following three types of...

Words: 1723 - Pages: 7

Premium Essay

Bus 405 Wk 3 Quiz 2 Chapter 2,3 - All Possible Questions

...BUS 405 WK 3 Quiz 2 Chapter 2,3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-405-WK-3-Quiz-2-Chapter-23-All-Possible-Questions-BUS4052.htm BUS 405 WK 3 Quiz 2 Chapter 2,3 - All Possible Questions TRUE/FALSE 1. The Haymarket Riot, Homestead Incident, and the Pullman Strike eliminated Samuel Gompers’ leadership effectiveness in the AFL. 2. While the CIO and KOL shared somewhat the “one big union” concept, the CIO’s goals were more similar to the AFL than to the KOL. 3. One change since 1950 is organized labor’s current emphasis on short-range reform instead of long-range material goals. 4. The leadership of the Knights of Labor was more interested in seeking higher wage increases for employees than in seeking moral betterment . 5. The new Change to Win federation believes that the AFL-CIO should be supportive of the Democratic Party, even when party leaders did not stand with organized labor on key issues, such as opposition to the North American Free Trade Agreement and subsequent proposed trade pacts. 6. Many new members joined the Knights of Labor because of the organization’s “get tough” militant stance during the Haymarket Riot. 7. Organized labor repeated its success in three previous presidential elections by delivering a very large majority of union members for Obama. 8. The sit-down strike helped the CIO to obtain union membership in the 1930s, and it was soon approved by the Supreme Court. 9....

Words: 1763 - Pages: 8

Premium Essay

Acc 557 Wk 4 Chapter 4 Quiz - All Possible Questions

...ACC 557 WK 4 Chapter 4 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-4-Chapter-4-Quiz-All-Possible-Questions-ACC5576.htm ACC 557 WK 4 Chapter 4 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet. 2. If a worksheet is used, financial statements can be prepared before adjusting entries are journalized. 3. If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income. 4. It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet. 5. The adjustments on a worksheet can be posted directly to the accounts in the ledger from the worksheet. 6. The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns. 7. The balance of the depreciation expense account will appear in the income statement debit column of a worksheet. 8. Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year. 9. The Dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period...

Words: 1229 - Pages: 5

Premium Essay

Acc 560 Wk 2 Quiz 1 - All Possible Questions

...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are......

Words: 1281 - Pages: 6

Premium Essay

Bus 230 Wk 3 Quiz Chapter 2,3 - All Possible Questions

...BUS 230 WK 3 Quiz Chapter 2,3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-230-WK-3-Quiz-Chapter-23-All-Possible-Questions-BUS2302.htm BUS 230 WK 3 Quiz Chapter 2,3 - All Possible Questions 1. An effective supply strategy primarily focuses on linking: a. current needs to current markets. b. future needs to future markets. c. current needs to future markets. d. future needs to current markets. e. current and future needs to current and future markets. 2. Organizational objectives and supply objectives typically are expressed: a. differently, making it difficult to translate organizational objectives into supply objectives. b. differently, providing the supply manager multiple opportunities to tap into organizational resources. c. the same (survival, growth, financial, and environmental), making it easy to translate organizational objectives into supply objectives. d. the same factors (quality, quantity, price, delivery and service), but long-term at the organizational level and short-term at the supply level. e. in ways that are very specific to the organization, making it difficult to convey objectives to suppliers. 3. Which one of the following is NOT one of the six major supply strategy areas: a. competitive-edge strategies. b. environmental-change strategies. c. new-product design strategies. d. risk-management strategies. e. cost-reduction strategies. 4. When developing supply strategies......

Words: 916 - Pages: 4

Premium Essay

Bus 375 Wk 2 Chapter 1,2 Quiz - All Possible Questions

...BUS 375 WK 2 Chapter 1,2 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-375-WK-2-Chapter-12-Quiz-All-Possible-Questions-BUS3751.htm BUS 375 WK 2 Chapter 1,2 Quiz - All Possible Questions CHAPTER 1: (E) 1. In today’s market, which of the following industries appears to have a need for project management? A. Aerospace & defense B. Construction C. Information systems D. All industries have a need for project management (M) 2. Which of the following is not one of the PMBOKâ Guide’s five process groups? A. Feasibility studies B. Planning C. Execution D. Closure (E) 3. Which of the following is normally not one of the traditional components of the triple constraint? A. Within time B. Within cost C. Within performance (Scope, technology or quality) D. Accepted by the customer (M) 4. Which of the following is a potential benefit of using project management? A. Maximization of continuous reporting B. No need for identification of functional responsibilities C. Identification of time limits for scheduling D. No need for a project management methodology (E) 5. Which of the following functions of classical management is generally not performed by the project manager? A. Planning B. Organizing C. Staffing D. Controlling (M) 6. Which of the following three types of...

Words: 1723 - Pages: 7

Premium Essay

Bus 405 Wk 3 Quiz 2 Chapter 2,3 - All Possible Questions

...BUS 405 WK 3 Quiz 2 Chapter 2,3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-405-WK-3-Quiz-2-Chapter-23-All-Possible-Questions-BUS4052.htm BUS 405 WK 3 Quiz 2 Chapter 2,3 - All Possible Questions TRUE/FALSE 1. The Haymarket Riot, Homestead Incident, and the Pullman Strike eliminated Samuel Gompers’ leadership effectiveness in the AFL. 2. While the CIO and KOL shared somewhat the “one big union” concept, the CIO’s goals were more similar to the AFL than to the KOL. 3. One change since 1950 is organized labor’s current emphasis on short-range reform instead of long-range material goals. 4. The leadership of the Knights of Labor was more interested in seeking higher wage increases for employees than in seeking moral betterment . 5. The new Change to Win federation believes that the AFL-CIO should be supportive of the Democratic Party, even when party leaders did not stand with organized labor on key issues, such as opposition to the North American Free Trade Agreement and subsequent proposed trade pacts. 6. Many new members joined the Knights of Labor because of the organization’s “get tough” militant stance during the Haymarket Riot. 7. Organized labor repeated its success in three previous presidential elections by delivering a very large majority of union members for Obama. 8. The sit-down strike helped the CIO to obtain union membership in the 1930s, and it was soon approved by the Supreme Court. 9....

Words: 1763 - Pages: 8

Free Essay

Acc 350 Wk 7 Quiz 5 Chapter 6 - All Possible Questions

...ACC 350 WK 7 Quiz 5 Chapter 6 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-350-WK-8-Quiz-6-Chapter-7-All-Possible-Questions-ACC3507.htm ACC 350 WK 8 Quiz 6 Chapter 7 - All Possible Questions 1) The master budget is one type of flexible budget. 2) A flexible budget is calculated at the start of the budget period. 3) Information regarding the causes of variances is provided when the master budget is compared with actual results. 4) A variance is the difference between the actual cost for the current and previous year. 5) A favorable variance results when budgeted revenues exceed actual revenues. 6) Management by exception is the practice of concentrating on areas not operating as anticipated (such as a cost overrun) and placing less attention on areas operating as anticipated. 7) The essence of variance analysis is to capture a departure from what was expected. 8) A favorable variance should be ignored by management. 9) An unfavorable variance may be due to poor planning rather than due to inefficiency. 10) The only difference between the static budget and flexible budget is that the static budget is prepared using planned output. 11) The static-budget variance can be subdivided into the flexible-budget variance and the sales-volume variance. 12) The flexible-budget variance may be the result of inaccurate forecasting......

Words: 457 - Pages: 2