Premium Essay

Acc 557 Wk 4 Chapter 4 Quiz - All Possible Questions

In: Business and Management

Submitted By LeonorChuang
Words 1229
Pages 5
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. 10. After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances.

11. Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure.

12. Closing the Dividends account to Retained Earnings is not necessary if net income is greater than dividends during the…...

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

Bus 230 Wk 4 Quiz Chapter 4 - All Possible Questions

...BUS 230 WK 4 Quiz Chapter 4 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-230-WK-4-Quiz-Chapter-4-All-Possible-Questions-BUS2303.htm BUS 230 WK 4 Quiz Chapter 4 - All Possible Questions 1. The greatest opportunity to affect value in the purchasing process is when: a. the supplier(s) is selected. b. price and terms are determined. c. potential suppliers are analyzed. d. needs are recognized and described. e. the buyer follows-up and expedites the order. 2. If the buyer does not have a clear and unambiguous description or specification and wants to find out which suppliers can deliver the best value when and where needed, he or she will typically issue a: a. request for quotation (RFQ). b. request for proposal (RFP). c. request for information (RFI). d. request for bid (RFB). e. request for suggestions (RFS). 3. The benefit(s) of participation in an e-marketplace include: a. the ability to aggregate spend b. the advantages from economies of scale. c. visibility up- and downstream in the supply chain. d. the ability to automate and facilitate transactions. e. all of the above. 4. One purpose of a requisition is: a. to give users a way to authorize buyers to acquire goods and services. b. to solicit price quotes for goods or services from suppliers. c. to give finance a way to have the final say in any decision to spend money. d. to clarify the description of need before communicating with......

Words: 898 - Pages: 4

Premium Essay

Bus 309 Wk 4 Quiz 3 Chapter 3 - All Possible Questions

...BUS 309 WK 4 Quiz 3 Chapter 3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-309-WK-4-Quiz-3-Chapter-3-All-Possible-Questions-BUS3094.htm BUS 309 WK 4 Quiz 3 Chapter 3 - All Possible Questions 1. Who is known for first holding that we should treat like cases alike? 1. Plato 2. Epicurus 3. Cicero 4. Aristotle 1. The topic of the proper distribution of burdens and benefits is known as 1. Distributive justice 2. Retributive justice 3. Economic welfare 4. Laissez-faire economics 1. Who made the violation of one’s moral rights the defining characteristic of injustice? 1. John Stuart Mill 2. Adam Smith 3. Karl Marx 4. Robert Nozick 1. Rawls’s theory of justice is 1. A libertarian theory 2. An egalitarian theory 3. A utilitarian theory 4. A retributivist theory 1. Justice for Mill was ultimately a matter of 1. Luck 2. Promoting social well-being 3. Property rights 4. Enforced equality 1. Brandt defends the equality of after-tax income on 1. Libertarian grounds 2. Deontological grounds 3. Utilitarian grounds 4. Egalitarian grounds 1. Libertarians assume that liberty means 1. Freedom 2. Noninterference 3. Equality 4. Liberation 1. Nozick begins with the premise that people have 1. Certain basic moral rights 2. Equality of income 3. Equality of opportunity 4. Certain basic positive rights 1. Nozick refers to the firm restrictions that rights impose as 1. Side constraints 2....

Words: 727 - Pages: 3

Premium Essay

Bus 375 Wk 4 Chapter 5,6 Quiz - All Possible Questions

...BUS 375 WK 4 Chapter 5,6 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-375-WK-4-Chapter-56-Quiz-All-Possible-Questions-BUS3753.htm BUS 375 WK 4 Chapter 5,6 Quiz - All Possible Questions CHAPTER 5: MANAGEMENT FUNCTIONS (M) 1. Which one of the following is not one of the three steps of controlling? A. Monitoring B. Evaluating C. Authorizing D. Correcting (E) 2. According to Douglas McGregor, team members that require supervision, direction and threat of punishment for non-compliance are called _____ employees. A. Theory X B. Theory Y C. Theory Z D. Non-compliant (E) 3. William Ouchi’s approach that managers in Japanese companies have a better relationship with their subordinates falls under: A. Theory X B. Theory Y C. Theory Z D. Non-compliant (E) 4. Which of Maslow’s levels would be a motivational force for newly hired employees? A. Physiological B. Safety C. Social D. Self-esteem (M) 5. An employee who would turn down a promotion in order to remain as a project manager would most likely be at which level of Maslow’s hierarchy of needs? A. Safety B. Social C. Esteem D. Self-actualization (M) 6. Herzberg believed that the bottom three levels of Maslow’s hierarchy of needs are: A. Hygiene factors B. Satisfiers C. Dissatisfiers D. ......

Words: 970 - Pages: 4

Free Essay

Bus 405 Wk 4 Quiz 3 Chapter 4,5 - All Possible Questions

...BUS 405 WK 4 Quiz 3 Chapter 4,5 - All Possible Questions To Purchase Click Link Below: BUS 405 WK 4 Quiz 3 Chapter 4,5 - All Possible Questions TRUE/FALSE 1. Craft unions have less independence from their national union headquarters than industrial unions. 2. The supreme governing body for the international union is its convention. 3. The practice of double-breasting is legal under the National Labor Relations Act. 4. The convention makes use of the delegate system, in which the number of delegates allowed depends on the number of members in the local. 5. The business agent is a key position in a craft union and provides many of the same services of a local union president in a large industrial union. 6. Most union presidents have restricted authority to appoint their staff, regulate locals, and direct the activities of the national union 7. The American Federation of Labor and Congress of Industrial Organizations now includes all of the major U.S. labor unions. 8. The international union representative, in addition to organizing new unions, also helps the local unions in grievance administration and labor arbitration. 9. Unions as organizations are fundamentally the same as business organizations. 10. The potential advantages of a merger of two unions, compared with the risks of not merging, suggest that mergers of unions will continue in the future. 11. Attendance at local union meetings often varies between fifty and sixty percent......

Words: 2732 - Pages: 11

Premium Essay

Bus 405 Wk 5 Quiz 4 Chapter 6 - All Possible Questions

...BUS 405 WK 5 Quiz 4 Chapter 6 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-405-WK-5-Quiz-4-Chapter-6-All-Possible-Questions-BUS4054.htm BUS 405 WK 5 Quiz 4 Chapter 6 - All Possible Questions TRUE/FALSE 1. Centralized (multi-employer) bargaining is frequently not found in the construction, coal, and trucking industries. 2. A party's resistance point on a bargaining issue represents that point beyond which that party would prefer no settlement to settlement on unacceptable terms. 3. In labor negotiations, it is possible for both union and management negotiators to perceive they have been successful after completing contract negotiations. 4. Management would probably prefer centralized bargaining if it had three separate manufacturing facilities (bargaining units), each making the same product. 5. The proportion of an employer's total operating costs comprised of labor costs is termed the degree of labor intensiveness. 6. Bargaining power is more likely to be an important determinant of negotiated outcomes when the parties use a distributive bargaining approach or strategy. 7. Auto industry contract negotiations in 2007 represent an example of pattern bargaining. 8. Generally, high unemployment reduces the union's cost of disagreeing with management. 9. Smaller-sized (less than 10 individuals) bargaining teams are generally preferable to larger bargaining teams to enhance bargaining effectiveness. 10.......

Words: 1713 - Pages: 7

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

Bus 230 Wk 4 Quiz Chapter 4 - All Possible Questions

...BUS 230 WK 4 Quiz Chapter 4 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-230-WK-4-Quiz-Chapter-4-All-Possible-Questions-BUS2303.htm BUS 230 WK 4 Quiz Chapter 4 - All Possible Questions 1. The greatest opportunity to affect value in the purchasing process is when: a. the supplier(s) is selected. b. price and terms are determined. c. potential suppliers are analyzed. d. needs are recognized and described. e. the buyer follows-up and expedites the order. 2. If the buyer does not have a clear and unambiguous description or specification and wants to find out which suppliers can deliver the best value when and where needed, he or she will typically issue a: a. request for quotation (RFQ). b. request for proposal (RFP). c. request for information (RFI). d. request for bid (RFB). e. request for suggestions (RFS). 3. The benefit(s) of participation in an e-marketplace include: a. the ability to aggregate spend b. the advantages from economies of scale. c. visibility up- and downstream in the supply chain. d. the ability to automate and facilitate transactions. e. all of the above. 4. One purpose of a requisition is: a. to give users a way to authorize buyers to acquire goods and services. b. to solicit price quotes for goods or services from suppliers. c. to give finance a way to have the final say in any decision to spend money. d. to clarify the description of need before communicating with......

Words: 898 - Pages: 4

Premium Essay

Bus 309 Wk 4 Quiz 3 Chapter 3 - All Possible Questions

...BUS 309 WK 4 Quiz 3 Chapter 3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-309-WK-4-Quiz-3-Chapter-3-All-Possible-Questions-BUS3094.htm BUS 309 WK 4 Quiz 3 Chapter 3 - All Possible Questions 1. Who is known for first holding that we should treat like cases alike? 1. Plato 2. Epicurus 3. Cicero 4. Aristotle 1. The topic of the proper distribution of burdens and benefits is known as 1. Distributive justice 2. Retributive justice 3. Economic welfare 4. Laissez-faire economics 1. Who made the violation of one’s moral rights the defining characteristic of injustice? 1. John Stuart Mill 2. Adam Smith 3. Karl Marx 4. Robert Nozick 1. Rawls’s theory of justice is 1. A libertarian theory 2. An egalitarian theory 3. A utilitarian theory 4. A retributivist theory 1. Justice for Mill was ultimately a matter of 1. Luck 2. Promoting social well-being 3. Property rights 4. Enforced equality 1. Brandt defends the equality of after-tax income on 1. Libertarian grounds 2. Deontological grounds 3. Utilitarian grounds 4. Egalitarian grounds 1. Libertarians assume that liberty means 1. Freedom 2. Noninterference 3. Equality 4. Liberation 1. Nozick begins with the premise that people have 1. Certain basic moral rights 2. Equality of income 3. Equality of opportunity 4. Certain basic positive rights 1. Nozick refers to the firm restrictions that rights impose as 1. Side constraints 2....

Words: 727 - Pages: 3

Premium Essay

Bus 375 Wk 4 Chapter 5,6 Quiz - All Possible Questions

...BUS 375 WK 4 Chapter 5,6 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-375-WK-4-Chapter-56-Quiz-All-Possible-Questions-BUS3753.htm BUS 375 WK 4 Chapter 5,6 Quiz - All Possible Questions CHAPTER 5: MANAGEMENT FUNCTIONS (M) 1. Which one of the following is not one of the three steps of controlling? A. Monitoring B. Evaluating C. Authorizing D. Correcting (E) 2. According to Douglas McGregor, team members that require supervision, direction and threat of punishment for non-compliance are called _____ employees. A. Theory X B. Theory Y C. Theory Z D. Non-compliant (E) 3. William Ouchi’s approach that managers in Japanese companies have a better relationship with their subordinates falls under: A. Theory X B. Theory Y C. Theory Z D. Non-compliant (E) 4. Which of Maslow’s levels would be a motivational force for newly hired employees? A. Physiological B. Safety C. Social D. Self-esteem (M) 5. An employee who would turn down a promotion in order to remain as a project manager would most likely be at which level of Maslow’s hierarchy of needs? A. Safety B. Social C. Esteem D. Self-actualization (M) 6. Herzberg believed that the bottom three levels of Maslow’s hierarchy of needs are: A. Hygiene factors B. Satisfiers C. Dissatisfiers D. ......

Words: 970 - Pages: 4

Free Essay

Bus 405 Wk 4 Quiz 3 Chapter 4,5 - All Possible Questions

...BUS 405 WK 4 Quiz 3 Chapter 4,5 - All Possible Questions To Purchase Click Link Below: BUS 405 WK 4 Quiz 3 Chapter 4,5 - All Possible Questions TRUE/FALSE 1. Craft unions have less independence from their national union headquarters than industrial unions. 2. The supreme governing body for the international union is its convention. 3. The practice of double-breasting is legal under the National Labor Relations Act. 4. The convention makes use of the delegate system, in which the number of delegates allowed depends on the number of members in the local. 5. The business agent is a key position in a craft union and provides many of the same services of a local union president in a large industrial union. 6. Most union presidents have restricted authority to appoint their staff, regulate locals, and direct the activities of the national union 7. The American Federation of Labor and Congress of Industrial Organizations now includes all of the major U.S. labor unions. 8. The international union representative, in addition to organizing new unions, also helps the local unions in grievance administration and labor arbitration. 9. Unions as organizations are fundamentally the same as business organizations. 10. The potential advantages of a merger of two unions, compared with the risks of not merging, suggest that mergers of unions will continue in the future. 11. Attendance at local union meetings often varies between fifty and sixty percent......

Words: 2732 - Pages: 11

Premium Essay

Bus 405 Wk 5 Quiz 4 Chapter 6 - All Possible Questions

...BUS 405 WK 5 Quiz 4 Chapter 6 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-405-WK-5-Quiz-4-Chapter-6-All-Possible-Questions-BUS4054.htm BUS 405 WK 5 Quiz 4 Chapter 6 - All Possible Questions TRUE/FALSE 1. Centralized (multi-employer) bargaining is frequently not found in the construction, coal, and trucking industries. 2. A party's resistance point on a bargaining issue represents that point beyond which that party would prefer no settlement to settlement on unacceptable terms. 3. In labor negotiations, it is possible for both union and management negotiators to perceive they have been successful after completing contract negotiations. 4. Management would probably prefer centralized bargaining if it had three separate manufacturing facilities (bargaining units), each making the same product. 5. The proportion of an employer's total operating costs comprised of labor costs is termed the degree of labor intensiveness. 6. Bargaining power is more likely to be an important determinant of negotiated outcomes when the parties use a distributive bargaining approach or strategy. 7. Auto industry contract negotiations in 2007 represent an example of pattern bargaining. 8. Generally, high unemployment reduces the union's cost of disagreeing with management. 9. Smaller-sized (less than 10 individuals) bargaining teams are generally preferable to larger bargaining teams to enhance bargaining effectiveness. 10.......

Words: 1713 - Pages: 7

Premium Essay

Bus 490 Wk 5 Quiz 4 Ch. 4 - All Possible Questions

...BUS 490 WK 5 Quiz 4 Ch. 4 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-490-WK-5-Quiz-4-Ch-4-All-Possible-Questions-BUS4904.htm BUS 490 WK 5 Quiz 4 Ch. 4 - All Possible Questions 1) Opportunities are a firm's distinctive competencies that cannot be easily matched or imitated by competitors. 2) The process of performing an internal audit, compared to the external audit, provides more opportunity for participants to understand how their jobs, departments and divisions fit into the whole organization. 3) An internal audit task force of managers could be charged with determining a specific number (usually 10 to 20) of the most important strengths and weaknesses. 4) Proponents of the resource-based view argue that external factors are more important than internal factors for a firm in achieving and sustaining competitive advantage 5) The basic premise of the research-based view is that the mix, type, amount and nature of a firm's internal resources should be considered first and foremost in devising strategies that can lead to sustainable competitive advantage. 6) The subtle, elusive and largely unconscious forces that shape the workplace are captured by the organizational culture. 7) Cultural products include values, beliefs, stories, and language. 8) Metaphors are handed-down narratives of some wonderful event that are based on history but have been embellished with fictional detail. 9) A ritual is a......

Words: 974 - Pages: 4