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ACC 556 All Chapter Quizzes

FOR MORE CLASSES VISIT www.acc556assist.com 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 556 Chapter 5 Quiz (100% Score) ACC 556 Chapter 6 Quiz (100% Score) ACC 556 Chapter 7 Quiz (100% Score) ACC 556 Chapter 8 Quiz (100% Score) ACC 556 Chapter 9 Quiz (100% Score) ACC 556 Chapter 10 Quiz (100% Score) ACC 556 Chapter 11 Quiz (100% Score) ACC 556 Chapter 12 Quiz (100% Score) ACC 556 Chapter 13 Quiz (100% Score) ACC 556 Chapter 21 Quiz (100% Score) ACC 556 Chapter 22 Quiz (100% Score) ===============================================

ACC 556 Chapter 1 Quiz (100% Score)


FOR MORE CLASSES VISIT www.acc556assist.com 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 purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company for a specific period of time. Question 4 One way of stating the accounting equation is: Assets + Liabilities = Stockholders‘ Equity. Question 5 Claims of creditors and owners on the assets of a business are called liabilities. Question 6 A business organized as a corporation Question 7 The accounting equation may be expressed as Question 8


Which of the following activities involves collecting the necessary funds to support the business? Question 9 Which of the following is an asset? Question 10 Which of the following would not be considered an external user of accounting data for the Julian Company? Question 11 Ashley‘s Accessory Shop started the year with total assets of $140,000 and total liabilities of $80,000. During the year the business recorded $220,000 in revenues, $110,000 in expenses, and dividends of $40,000. The net income reported by Ashley‘s Accessory Shop for the year was Question 12 Stockholders‘ equity is comprised of Question 13 Marvin Services Corporation had the following accounts and balances: If the balance of the Buildings account was $42,000 and $3,000 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity? Question 14 All of the following are interrelationships that are important to understand when preparing financial statements except Question 15 External users want answers to all of the following questions except Question 16


Which of the following statements is not true regarding the SarbanesOxley Act (SOX)? Question 17 When expenses exceed revenues, which of the following is true? Question 18 The financial statement that summarizes the changes in retained earnings for a specific period of time is the Question 19 Which of the following is not a common way that managers use the balance sheet? Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Chapter 2 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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 account that a company must invest in capital expenditures just to maintain its current level of operations. Question 4 In order for information to be relevant, it must be reported on a monthly basis. Question 5 For accounting purposes, business transactions should be kept separate from the personal transactions of the stockholders of the business Question 6 In a classified balance sheet, assets are usually classified as Question 7 Equipment is classified on the balance sheet as Question 8 Use the following data to determine the total dollar amount of assets to be classified as current assets. Question 9 N3 Corporation has assets of $3,000,000, common stock of $780,000, and retained earnings of $475,000. What are the creditors‘ claims on their assets? Question 10


The following information is available for Bradshaw Corporation and Newell Corporation: Based on this information, the earnings per share calculations (rounded to two decimals) Question 11 Reporting a net income of $95,000 will Question 12 Based on the following data, what is the amount of current assets? Accounts payable……………………………………………………….. $62,000 Accounts receivable…………………………………………………….. 100,000 Cash……………………………………………………………………… . 50,000 Intangible assets………………………………………………………… 100,000 Inventory…………………………………………………………………. 138,000 Long-term investments…………………………………………………. 160,000 Long-term liabilities……………………………………………………… 200,000 Short-term investments…………………………………………………. 80,000 Notes


payable……………………………………………………………. 56,000 Property, plant, and equipment…………………………………………… 1,340,000 Prepaid insurance……………………………………………………….. 2,000 Question 13 Using the following balance sheet and income statement data, what is the debt to assets ratio? Current assets $ 14,000 Net income $ 21,000 Current liabilities 8,000 Stockholders‘ equity 39,000 Average assets 80,000 Total liabilities 21,000 Total assets 60,000 Average common shares outstanding was 10,000. Question 14 Which of the following is not considered a measure of liquidity? Question 15 Free cash flow provides an indication of a company‘s ability to Question 16 If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true? Question 17 Accounting information should be neutral in order to enhance Question 18


The principle that indicates that assets should be reported at the price received to sell an asset is the Question 19 Garrison Company prepares quarterly reports, which it distributes to all stockholders and other entities that rely on its accounting information. Which of the following is the best term for the key assumption in financial reporting that Garrison is following? Question 20 Each of the following statements is justified by a fundamental quality or an enhancing of quality accounting. Write the letter in the blank next to each statement corresponding to the quality involved. ===============================================

ACC 556 Chapter 3 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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 stockholders‘ equity.


· Question 4 Salaries and wages payable is a type of expense. · Question 5 Operating activities are the types of activities the company performs to generate profits. · Question 6 If total liabilities decreased by $4,000, then · Question 7 An expense · Question 8 Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not? · Question 9 Which statement about an account is true? · Question 10 Which one of the following represents the expanded basic accounting equation? · Question 11 Which of the following is not an example of a source document that provides evidence of a transaction? · Question 12 The primary purpose of the trial balance is to · Question 13 Which of the following statements is not true? · Question 14 All of the following are characteristics of every accounting information system except it is a system · Question 15 On June 1, 2014, England Inc. reported a cash balance of $21,000. During June, England made deposits of $8,000 and made disbursements totaling $24,000. What is the cash balance at the end of June? · Question 16 All of the following statements regarding the double-entry system are true except


· Question 17 Borrowing money and issuing shares of stock are · Question 18 The purpose of the ledger is to · Question 19 Which statement is incorrect? · Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Chapter 4 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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 Unearned revenue is a prepayment that requires an adjusting entry when services are performed. · Question 4


When closing entries are prepared, each income statement account is closed directly to retained earnings. · Question 5 The accounting cycle begins with the journalizing of the transactions · Question 6 Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns. · Question 7 A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be recognized? · Question 8 Which statement is correct? · Question 9 Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. Cash received from customers $48,000 Accounts receivable 12,000 Cash paid for expenses 26,000 Accounts payable (related to expenses) 3,000 Prepaid rent for next period 7,000 · Question 10 Accrued expenses are: · Question 11 If a resource has been consumed but a bill has not been received at the end of the accounting period, then: · Question 12 Depreciation is the process of: · Question 13 If a company fails to adjust a Prepaid Rent account for rent that has expired, what effect will this have on that month's financial statements? · Question 14


Why do generally accepted accounting principles require the application of the revenue recognition principle? · Question 15 Which of the following would not result in unearned revenue? · Question 16 Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause: · Question 17 At the end of the fiscal year, the usual adjusting entry for accrued salaries owed to employees was omitted. Which of the following statements is true? · Question 18 Can financial statements be prepared directly from the adjusted trial balance? · Question 19 Which statement is correct concerning the adjusted trial balance? · Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Chapter 5 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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 within the 10 days discount period. Question 3 Sales allowances and Sales discounts are both designed to encourage customers to pay their accounts promptly. Question 4 Freight-out appears as an operating expense in the income statement. Question 5 With the periodic inventory system, goods available for sale must be calculated before cost of goods sold. Question 6 Merchandising companies that sell to retailers are known as Question 7 The primary source of revenue for a wholesaler is Question 8 Which of the following is a true statement about inventory systems? Question 9 Which of the following items does not result in an adjustment in the merchandise inventory account under a perpetual system? Question 10 Farwell Company purchased merchandise with an invoice price of $2,000 and credit terms of 1/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms? Question 5


With the periodic inventory system, goods available for sale must be calculated before cost of goods sold. Question 6 Merchandising companies that sell to retailers are known as Question 7 The primary source of revenue for a wholesaler is Question 8 Which of the following is a true statement about inventory systems? Question 9 Which of the following items does not result in an adjustment in the merchandise inventory account under a perpetual system? Question 10 Farwell Company purchased merchandise with an invoice price of $2,000 and credit terms of 1/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms? Question 11 As the president of Harter Company, you notice that no discounts have been taken when settling accounts payables. What would be an acceptable explanation? Question 12 A sales invoice is prepared when goods Question 13 The Sales Returns and Allowances account does not provide information to management about Question 14


The collection of a $700 account beyond the 2 percent discount period will result in a Question 15 Which statement is incorrect? Question 16 Multiple-step income statements show Question 17 Financial information is presented below: Operating expenses $ 28,000 Sales returns and allowances 7,000 Sales discounts 3,000 Sales revenue 150,000 Cost of goods sold 91,000 The gross profit rate would be Question 18 What is an advantage of using the multiple-step income statement? Question 19 Which of the following provides the best rationale regarding analysts' views about the information value of the gross profit rate versus the gross profit amount? Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Chapter 6 Quiz (100% Score)

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www.acc556assist.com 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. ===============================================

ACC 556 Chapter 7 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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


Under an effective system of internal control, errors occur only as a result of fraud or dishonesty. Question 4 Control over cash disbursements is improved if major expenditures are paid by check. Question 5 Cash equivalents are highly liquid investments that can be converted into a specific amount of cash. Question 6 Which of the following is not one of the main factors that contribute to fraudulent activity? Question 7 Under the concept of establishment of responsibility, how many people should have the ultimate responsibility? Question 8 A consequence of separation of duties is that Question 9 In large companies, the independent internal verification procedure is often assigned to Question 10 Sam‘s Grocery Store has the following policy. ‗Only one cashier can have access to a cash drawer.‘ Which internal control principle supports this policy? Question 11 Supervisors counting cash receipts daily is an example of Question 12


Blank checks Question 13 All of the following are true regarding bank statements except Question 14 Which of the following would be added to the balance per bank on a bank reconciliation? Question 15 Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry: Question 16 Clark Company developed the following reconciling information in preparing its September bank reconciliation: Cash balance per bank, 9/30 $30,800 Note receivable collected by bank 16,800 Outstanding checks 25,200 Deposits in transit 12,600 Bank service charge 210 NSF check 3,360 Using the above information, determine the cash balance per books (before adjustments) for the Clark Company. Question 17 Of the following employees, who should prepare the bank reconciliation? Question 18 In the month of May, Lopat Company Inc. wrote checks in the amount of $55,500. In June, checks in the amount of $75,948 were written. In May, $50,808 of these checks were presented to the bank for payment,


and $65,298 in June. What is the amount of outstanding checks at the end of May? Question 19 All of the following are true regarding the management and monitoring of cash except Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Chapter 8 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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 contra account that is deducted from Accounts Receivable on the balance sheet. Question 3


Under the allowance method, Bad Debt Expense is debited when an account is deemed uncollectible and must be written off. Question 4 Interest on a 6-month, 10 percent, $10,000 note is calculated by multiplying $10,000 ´ 0.10 ´ 6/12. Question 5 If a company has significant concentrations of credit risk, it must discuss this risk in the notes to its financial statements. Question 6 Interest is usually associated with Question 7 On January 15, Nifty Company sells merchandise on account to Martinez Associates for $3,000 with terms 3/10, n/30. On January 20, Martinez returns merchandise worth $600 to Nifty. On January 24, payment is received from Martinez for the balance due. What is the amount of cash received? Question 8 The expense recognition Question 9 Which one of the following is not a principle of sound accounts receivable management? Question 10 Bad Debt Expense is considered Question 11 When an account is written off using the allowance method, the 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 contra account that is deducted from Accounts Receivable on the balance sheet. Question 3 Under the allowance method, Bad Debt Expense is debited when an account is deemed uncollectible and must be written off. Question 4 Interest on a 6-month, 10 percent, $10,000 note is calculated by multiplying $10,000 ´ 0.10 ´ 6/12. Question 5 If a company has significant concentrations of credit risk, it must discuss this risk in the notes to its financial statements. Question 6 Interest is usually associated with Question 7 On January 15, Nifty Company sells merchandise on account to Martinez Associates for $3,000 with terms 3/10, n/30. On January 20, Martinez returns merchandise worth $600 to Nifty. On January 24, payment is received from Martinez for the balance due. What is the amount of cash received? Question 8 The expense recognition Question 9


Which one of the following is not a principle of sound accounts receivable management? Question 10 Bad Debt Expense is considered Question 11 When an account is written off using the allowance method, the Question 12 All of the following statements regarding the financial statement presentation of receivables are true except: Question 13 Which of the following is not true regarding a promissory note? Question 14 The bookkeeper recorded the following journal entry Allowance for Doubtful Accounts 1,000 Accounts Receivable – Richard James

1,000

Which one of the following statements is false? Question 15 The direct write-off method is acceptable for financial reporting purposes only if the bad debt losses are insignificant. Question 16 When calculating interest on a promissory note with the maturity date stated in terms of days, the Question 17 The interest on a $4,000, 9%, 90-day note receivable is Question 18


Which of the following is a way of disposing of a note receivable? Question 19 The accounts receivable turnover Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Chapter 9 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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 activities section of the statement of cash flows is based on an analysis of stockholders‘ equity only. Question 3


The acquisition of a building by issuing bonds would be considered an investing and financing activity that did not affect cash. Question 4 The cash debt coverage ratio indicates a company‘s ability to repay its liabilities from cash generated from operations. Question 5 The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time. Question 6 The statement of cash flows Question 7 Generally, the most important category on the statement of cash flows is cash flows from Question 8 Assume that the Quinn Corporation uses the indirect method to depict cash flows. Indicate where, if at all, interest paid on note would be classified on the statement of cash flows. Question 9 Which of the following transactions does not affect cash during a period? Question 10 Zoum Corporation had the following transactions during 2014: 1 - Issued $125,000 of par value common stock for cash. 2 - Recorded and paid wages expense of $60,000. 3 - Acquired land by issuing common stock of par value $50,000. 4 - Declared and paid a cash dividend of $10,000.


5 - Sold a long-term investment (cost $3,000) for cash of $3,000. 6 - Recorded cash sales of $400,000. 7 - Bought inventory for cash of $160,000. 8 - Acquired an investment in Zynga stock for cash of $21,000. 9 - Converted bonds payable to common stock in the amount of $500,000. 10 - Repaid a 6 year note payable in the amount of $220,000. What is the net cash provided by financing activities? Question 11 In order to determine net cash provided by operating activities, a company must convert net income from an accrual basis to a cash basis under Question 12 The information to prepare the statement of cash flows comes from all of the following sources except Question 13 Peninsula Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $21,000, accounts payable decreased by $9,000 and depreciation expense of $45,000 was recorded. Net cash provided by operating activities for the year is Question 14 In calculating cash flows from operating activities using the indirect method, a loss on the sale of equipment will appear as a(n) Question 15 The net income reported on the income statement for the current year was $440,000. Depreciation was $62,000. Accounts receivable and inventories decreased by $20,000 and $32,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $2,000 and $16,000. How much cash was provided by operating activities?


Question 16 The statement of cash flows will not provide insight into Question 17 Laser Performance Inc. has the following information available (amount in thousands). Net Income $30,000 Average Total Liabilities 80,000 Average Current Liabilities 36,000 Cash Provided by Operations 48,000 Cash Sales 130,000 Capital Expenditures 22,000 Dividends Paid 6,000 What is the current cash debt coverage? Question 18 Authentic Exposure Company had the following transactions that took place during the year: I. Paid amount owing to suppliers $2,750. II. Purchased new equipment for $5,000 by signing a long-term note payable. III. Purchased a patent and paid $15,000 cash for the asset. How what is the total effect of these transactions on Free Cash Flow, Current Cash Debt Coverage, and Cash Debt Coverage respectively? Free Current Cash Debt Cash Debt Cash Flow Coverage Coverage Question 19 All of the following statements are true regarding cash flow presentations except Question 20


For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the indirect method. ===============================================

ACC 556 Chapter 10 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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. Question 4 The carrying value of bonds is calculated by adding the balance of the Discount on Bonds Payable account to the balance in the Bonds Payable account. Question 5


Material gains or losses on bond redemption are reported as an extraordinary item on the income statement. Question 6 Liabilities are classified on the balance sheet as current or Question 7 With an interest-bearing note, the amount of assets received upon issuance of the note is generally Question 8 The interest charged on a $70,000 note payable, at the rate of 6%, on a 90-day note would be Question 9 On January 1, 2014, Keisler Company, a calendar-year company, issued $700,000 of notes payable, of which $175,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is Question 10 Norlan Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $29,400. If the sales tax rate is 5%, what amount must be remitted to the state for October's sales taxes? Question 11 Stockholders of a company may be reluctant to finance expansion through issuing more equity because Question 12 Which of the following is not an advantage of issuing bonds instead of common stock? Question 13


When authorizing bonds to be issued, the board of directors does not specify the Question 14 If the market rate of interest is 10%, a $10,000, 12%, 10-year bond that pays interest annually would sell at an amount Question 15 If bonds are issued at a discount, it means that the Question 16 In the balance sheet, the account Discount on Bonds Payable is Question 17 If bonds have been issued at a discount, then over the life of the bonds the Question 18 Ervay Company has $875,000 of bonds outstanding. The unamortized premium is $12,600. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption? Question 19 The relationship between current assets and current liabilities is Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Chapter 11 Quiz (100% Score)


FOR MORE CLASSES VISIT www.acc556assist.com 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 rendered. Question 4 The carrying value of bonds is calculated by adding the balance of the Discount on Bonds Payable account to the balance in the Bonds Payable account. Question 5 Material gains or losses on bond redemption are reported as an extraordinary item on the income statement. Question 6 Liabilities are classified on the balance sheet as current or Question 7 With an interest-bearing note, the amount of assets received upon issuance of the note is generally


Question 8 The interest charged on a $70,000 note payable, at the rate of 6%, on a 90-day note would be Question 9 On January 1, 2014, Keisler Company, a calendar-year company, issued $700,000 of notes payable, of which $175,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is Question 10 Norlan Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $29,400. If the sales tax rate is 5%, what amount must be remitted to the state for October's sales taxes? Question 11 Stockholders of a company may be reluctant to finance expansion through issuing more equity because Question 12 Which of the following is not an advantage of issuing bonds instead of common stock? Question 13 When authorizing bonds to be issued, the board of directors does not specify the Question 14 If the market rate of interest is 10%, a $10,000, 12%, 10-year bond that pays interest annually would sell at an amount Question 15 If bonds are issued at a discount, it means that the


Question 16 In the balance sheet, the account Discount on Bonds Payable is Question 17 If bonds have been issued at a discount, then over the life of the bonds the Question 18 Ervay Company has $875,000 of bonds outstanding. The unamortized premium is $12,600. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption? Question 19 The relationship between current assets and current liabilities is Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Chapter 12 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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 financing activities section of the statement of cash flows is based on an analysis of stockholders’ equity only. Question 3 The acquisition of a building by issuing bonds would be considered an investing and financing activity that did not affect cash. Question 4 The cash debt coverage ratio indicates a company’s ability to repay its liabilities from cash generated from operations. Question 5 The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time. Question 6 The statement of cash flows Question 7 Generally, the most important category on the statement of cash flows is cash flows from Question 8 Assume that the Quinn Corporation uses the indirect method to depict cash flows. Indicate where, if at all, interest paid on note would be classified on the statement of cash flows Question 9


Which of the following transactions does not affect cash during a period? Question 10 Zoum Corporation had the following transactions during 2014: 1 - Issued $125,000 of par value common stock for cash. 2 - Recorded and paid wages expense of $60,000. 3 - Acquired land by issuing common stock of par value $50,000. 4 - Declared and paid a cash dividend of $10,000. 5 - Sold a long-term investment (cost $3,000) for cash of $3,000. 6 - Recorded cash sales of $400,000. 7 - Bought inventory for cash of $160,000. 8 - Acquired an investment in Zynga stock for cash of $21,000. 9 - Converted bonds payable to common stock in the amount of $500,000. 10 - Repaid a 6 year note payable in the amount of $220,000. What is the net cash provided by financing activities? Question 11 In order to determine net cash provided by operating activities, a company must convert net income from an accrual basis to a cash basis under Question 12 The information to prepare the statement of cash flows comes from all of the following sources except Question 13 Peninsula Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $21,000, accounts payable decreased by $9,000 and depreciation expense of $45,000 was recorded. Net cash provided by operating activities for the year is


Question 14 In calculating cash flows from operating activities using the indirect method, a loss on the sale of equipment will appear as a(n) Question 15 The net income reported on the income statement for the current year was $440,000. Depreciation was $62,000. Accounts receivable and inventories decreased by $20,000 and $32,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $2,000 and $16,000. How much cash was provided by operating activities? Question 16 The statement of cash flows will not provide insight into Question 17 Laser Performance Inc. has the following information available (amount in thousands). Net Income $30,000 Average Total Liabilities 80,000 Average Current Liabilities 36,000 Cash Provided by Operations 48,000 Cash Sales 130,000 Capital Expenditures 22,000 Dividends Paid 6,000 What is the current cash debt coverage? Question 18 Authentic Exposure Company had the following transactions that took place during the year: I. Paid amount owing to suppliers $2,750. II. Purchased new equipment for $5,000 by signing a long-term note payable. III. Purchased a patent and paid $15,000 cash for the asset.


How what is the total effect of these transactions on Free Cash Flow, Current Cash Debt Coverage, and Cash Debt Coverage respectively? Free Current Cash Debt Cash Debt Cash Flow Coverage Coverage Question 19 All of the following statements are true regarding cash flow presentations except Question 20 For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the indirect method. ===============================================

ACC 556 Chapter 13 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com Chapter 13 Quiz 1. 2. 3. 4. 5. 6.

Price-earnings ratio Return on assets Accounts receivable turnover ratio Earnings per share Payout ratio Current cash debt coverage


7. Current ratio 8. Debt to assets ratio 9. Free cash flow 10. Inventory turnover ===============================================

ACC 556 Chapter 21 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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 budgets must be completed before the operating budgets can be prepared. Question 4 The budgeted income statement indicates the expected profitability of operations for the next year Question 5


The budget itself and the administration of the budget are entirely accounting responsibilities Question 6 Why are budgets useful in the planning process? Question 7 Which of the following statements about budget acceptance in an organization is true? Question 8 The budget committee would not normally include the Question 9 Which of the following is not an operating budget? Question 10 The production budget shows expected unit sales are 100,000. The required production units are 104,000. What are the beginning and desired ending finished goods units, respectively? Question 11 A company budgeted unit sales of 204,000 units for January, 2013 and 240,000 units for February 2013. The company has a policy of having an inventory of units on hand at the end of each month equal to 30% of next month's budgeted unit sales. If there were 61,200 units of inventory on hand on December 31, 2012, how many units should be produced in January, 2013 in order for the company to meet its goals? Question 12 The following information is taken from the production budget for the first quarter:


Beginning inventory in units Sales budgeted for the quarter Production capacity in units

1,200 456,000 472,000

How many finished goods units should be produced during the quarter if the company desires 3,200 units available to start the next quarter? Question 13 A company determined that the budgeted cost of producing a product is $30 per unit. On June 1, there were 80,000 units on hand, the sales department budgeted sales of 300,000 units in June, and the company desires to have 120,000 units on hand on June 30. The budgeted cost of goods manufactured for June would be Question 14 The single most important output in preparing financial budgets is the Question 15 What is the proper preparation sequencing of the following budgets? 1 - Budgeted Balance Sheet 2 - Sales Budget 3 - Selling and Administrative Budget 4 - Budgeted Income Statement Question 16 The formula for determining budgeted merchandise purchases is budgeted Question 17 Orange Co. is a manufacturer and Pineapple Company is a merchandiser. What is the difference in the budgets the two entities will prepare? Question 18


The primary benefits of budgeting include all of the following except it Question 19 The budget that is often considered to be the most important financial budget is the Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Chapter 22 Quiz (100% Score)

FOR MORE CLASSES VISIT www.acc556assist.com 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


Management by exception means that management will investigate areas where actual results differ from planned results if the items are material and controllable. Question 4 Budget reports provide the feedback needed by management to see whether actual operations are on course. Question 5 The manager of an investment center can improve ROI by reducing average operating assets. Question 6 What is budgetary control? Question 7 A static budget is appropriate in evaluating a manager's performance if Question 8 What is the primary difference between a static budget and a flexible budget? Question 9 If a company plans to sell 48,000 units of product but sells 60,000, the most appropriate comparison of the cost data associated with the sales will be by a budget based on Question 10 Nikoto Steel Co. budgeted manufacturing costs for 50,000 tons of steel are: Fixed manufacturing costs Variable manufacturing costs

$50,000 per month $12.00 per ton of steel


Nikoto produced 40,000 tons of steel during March. How much is the flexible budget for total manufacturing costs for March? Question 11 At 18,000 direct labor hours, the flexible budget for indirect materials is $36,000. If $37,400 are incurred at 18,400 direct labor hours, the flexible budget report should show the following difference for indirect materials Question 12 Top management can control Question 13 A manager of a cost center is evaluated mainly on Question 14 Given below is an excerpt from a management performance report: Budget

Actual

Difference Contribution margin $20,000 U Controllable fixed costs $20,000 U

$600,000

$580,000

$200,000

$220,000

The manager's overall performance Question 15 Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%. Sales Controllable margin Total average assets Fixed costs

$ 1,400,000 160,000 4,000,000 100,000


What is the ROI for the year? Question 16 A measure frequently used to evaluate the performance of the manager of an investment center is Question 17 What is the goal of residual income? Question 18 Which of the following would not be considered an aspect of budgetary control? Question 19 All of the following statements are correct about management by exception except it Question 20 Match the items below by entering the appropriate code letter in the space provided. ===============================================

ACC 556 Crooked Scenario 2 Part 1

FOR MORE CLASSES VISIT www.acc556assist.com 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 it was and she said it was an accountant, C.H. Ainge


O‘Hart (Chainge ‗O Hart) from a local CPA firm, Inn, Kaw, Hoots (IKH). You were familiar with this firm and familiar with their reputation. You also know they were the external auditors and business advisors for CrookEd Partners, as mentioned by Bubba. You immediately dropped what you were doing and rushed out of your office to meet Mr. Hart. He is escorted into a private office where you also invite your team. Mr. Hart was obviously nervous and sweaty, so you offer him something cool to drink. Almost before you could sit down and begin to inquire why Mr. Hart has joined you, he blurts out that one set of the financial statements he provided Steamy and Daddy were correct and one set was wildly incorrect. The one created by CrookEd Partners is false; the one by Inn Kaw Hoots is correct. He had tried to bring this information to local authorities, Steamy and Daddy, and others, and when he had done so, he was threatened with his life by the partners of his CPA firm (they did not want to lose a ―good‖ client), by someone named ―Tony‖ from one of the local unions, by the state head of the Department of Professional Licensing who licenses CPAs, and finally by a CRookEd Partner VP. To avoid being discovered he had recently been living in Vegas as a showgirl, doing two shows a night; three on the weekends. This story sounded so preposterous you request some proof. Mr. Hart stated he had the depreciation schedule CRookEd Partners created for the bogus balance sheet they are planning to present to the bank to secure a loan to buy equipment for the second phase of this project: a combo pipeline/waterslide from Rock Springs to Laramie, Wyoming. There are two team assignments related to the Crooked scenario this week. Part 1:


Based on the depreciation schedule given to you by Mr. Hart (see attached), and with your team, please perform an analysis on it using concepts from Fraud Examination, 5th Edition Chapters 11 – 13 and from Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance, 2nd Edition, Chapter 6 (Reading for this week).

Create a 350-700 word page for the instructor outlining what you observe in this data. ===============================================

ACC 556 Final Part 1 (100% Correct Answers)

FOR MORE CLASSES VISIT www.acc556assist.com 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 feedback needed by management to see whether actual operations are on course. Question 4


Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance. Question 5 A corporation is not an entity that is separate and distinct from its owners Question 6 The market rate of interest is often called the Question 7 A current liability is a debt that can reasonably be expected to be paid Question 8 A budget can be used as a basis for evaluating performance. Question 9 Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase (decrease) that has taken place. Question 10 Bonds with a face value of $400,000 and a quoted price of 104Âź have a selling price of Question 11 The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time. Question 12


On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is Question 13 One objective of the income statement is to separate the results of continuing operations from those of discontinued operations. Question 14 All of the following are true regarding financial statement analysis ratios associated with liabilities except Question 15 A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions. Question 16 A master budget is most useful in evaluating a manager's performance in controlling costs. Question 17 The master budget reflects management's long-term plans encompassing five years or more. Question 18 The debt to assets ratio measures the percentage of the total assets provided by creditors Question 19 A company whose current liabilities exceed its current assets may have a liquidity problem. Question 20


During 2014, Phelps Corporation reported net sales of $3,000,000, net income of $1,320,000, and depreciation expense of $80,000. Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Phelps‘s asset turnover ratio is ===============================================

ACC 556 Final Part 1 and 2

FOR MORE CLASSES VISIT www.acc556assist.com 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 feedback needed by management to see whether actual operations are on course. Question 4 Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.


Question 5 A corporation is not an entity that is separate and distinct from its owners Question 6 The market rate of interest is often called the Question 7 A current liability is a debt that can reasonably be expected to be paid Question 8 A budget can be used as a basis for evaluating performance. Question 9 Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase (decrease) that has taken place. Question 10 Bonds with a face value of $400,000 and a quoted price of 104Âź have a selling price of Question 11 The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time. Question 12 On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is Question 13


One objective of the income statement is to separate the results of continuing operations from those of discontinued operations. Question 14 All of the following are true regarding financial statement analysis ratios associated with liabilities except Question 15 A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions. Question 16 A master budget is most useful in evaluating a manager's performance in controlling costs. Question 17 The master budget reflects management's long-term plans encompassing five years or more. Question 18 The debt to assets ratio measures the percentage of the total assets provided by creditors Question 19 A company whose current liabilities exceed its current assets may have a liquidity problem. Question 20 During 2014, Phelps Corporation reported net sales of $3,000,000, net income of $1,320,000, and depreciation expense of $80,000. Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Phelps‘s asset turnover ratio is


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 Controllable margin Total average assets Fixed costs

$ 1,400,000 160,000 4,000,000 100,000

What is the ROI for the year? Question 3 Ratios are used as tools in financial analysis Question 4 Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle? Question 5 A master budget consists of Question 6 The date on which a cash dividend becomes a binding legal obligation is on the Question 7 If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 410,000


pounds are required for January production, how many pounds of raw materials should be purchased in January? Question 8 All of the following statements regarding changes in accounting principles are true except which of the following? Question 9 On the basis of the budget reports, Question 10 Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report Question 11 The primary purpose of the statement of cash flows is to Question 12 Cochran Corporation, Inc. has the following income statement (in millions): COCHRAN CORPORATION, INC. Income Statement For the Year Ended December 31, 2014 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income

$240 80 160 65 $ 95

Using vertical analysis, what percentage is assigned to net income? Question 13


The following information pertains to Marsh Company. Assume that all balance sheet amounts represent average balance figures. Total asset Stockholders‘ equity—common Total stockholders‘ equity Sales revenue Net income Number of shares of common stock Common dividends Preferred dividends

$400,000 200,000 280,000 120,000 25,000 8,000 9,000 6,000

What is Marsh‘s payout ratio? Question 14 A flexible budget Question 15 A comparison with other companies that provides insight into a company's competitive position is most commonly known as which of the following types of comparisons? Question 16 Assume the following sales data for a company: 2015 2014 2013

$910,000 $770,000 700,000

If 2013 is the base year, what is the percentage increase in sales from 2013 to 2014? Question 17


Laser Performance Inc. has the following information available (amount in thousands). Net Income Average Total Liabilities Average Current Liabilities Cash Provided by Operations Cash Sales Capital Expenditures Dividends Paid

$30,000 80,000 36,000 48,000 130,000 22,000 6,000

What is the current cash debt coverage? Question 18 Which of the following income statement figures would probably be the best indicator of a company‘s future performance? Question 19 Which one of the following is not a benefit of budgeting? Question 20 The single most important output in preparing financial budgets is the Question 21 Zoum Corporation had the following transactions during 2014: 1 - Issued $125,000 of par value common stock for cash. 2 - Recorded and paid wages expense of $60,000. 3 - Acquired land by issuing common stock of par value $50,000. 4 - Declared and paid a cash dividend of $10,000. 5 - Sold a long-term investment (cost $3,000) for cash of $3,000. 6 - Recorded cash sales of $400,000. 7 - Bought inventory for cash of $160,000. 8 - Acquired an investment in Zynga stock for cash of $21,000. 9 - Converted bonds payable to common stock in the amount of


$500,000. 10 - Repaid a 6 year note payable in the amount of $220,000. What is the net cash provided by operating activities? Question 22 A critical factor in budgeting for a service firm is to Question 23 If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to Question 24 Which one of the following items is not necessary in preparing a statement of cash flows? Question 25 Quincy Corp. earned controllable margin of $500,000 on sales of $6,400,000. The division had average operating assets of $5,200,000. The company requires a return on investment of at least 8%. How much is residual income? ===============================================

ACC 556 Final Part 2 (100% Correct Answers)

FOR MORE CLASSES VISIT www.acc556assist.com 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 Controllable margin Total average assets Fixed costs

$ 1,400,000 160,000 4,000,000 100,000

What is the ROI for the year? Question 3 Ratios are used as tools in financial analysis Question 4 Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle? Question 5 A master budget consists of Question 6 The date on which a cash dividend becomes a binding legal obligation is on the Question 7 If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 410,000 pounds are required for January production, how many pounds of raw materials should be purchased in January? Question 8


All of the following statements regarding changes in accounting principles are true except which of the following? Question 9 On the basis of the budget reports, Question 10 Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report Question 11 The primary purpose of the statement of cash flows is to Question 12 Cochran Corporation, Inc. has the following income statement (in millions): COCHRAN CORPORATION, INC. Income Statement For the Year Ended December 31, 2014 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income

$240 80 160 65 $ 95

Using vertical analysis, what percentage is assigned to net income? Question 13 The following information pertains to Marsh Company. Assume that all balance sheet amounts represent average balance figures.


Total asset Stockholders‘ equity—common Total stockholders‘ equity Sales revenue Net income Number of shares of common stock Common dividends Preferred dividends

$400,000 200,000 280,000 120,000 25,000 8,000 9,000 6,000

What is Marsh‘s payout ratio? Question 14 A flexible budget Question 15 A comparison with other companies that provides insight into a company's competitive position is most commonly known as which of the following types of comparisons? Question 16 Assume the following sales data for a company: 2015 2014 2013

$910,000 $770,000 700,000

If 2013 is the base year, what is the percentage increase in sales from 2013 to 2014? Question 17 Laser Performance Inc. has the following information available (amount in thousands). Net Income

$30,000


Average Total Liabilities Average Current Liabilities Cash Provided by Operations Cash Sales Capital Expenditures Dividends Paid

80,000 36,000 48,000 130,000 22,000 6,000

What is the current cash debt coverage? Question 18 Which of the following income statement figures would probably be the best indicator of a company‘s future performance? Question 19 Which one of the following is not a benefit of budgeting? Question 20 The single most important output in preparing financial budgets is the Question 21 Zoum Corporation had the following transactions during 2014: 1 - Issued $125,000 of par value common stock for cash. 2 - Recorded and paid wages expense of $60,000. 3 - Acquired land by issuing common stock of par value $50,000. 4 - Declared and paid a cash dividend of $10,000. 5 - Sold a long-term investment (cost $3,000) for cash of $3,000. 6 - Recorded cash sales of $400,000. 7 - Bought inventory for cash of $160,000. 8 - Acquired an investment in Zynga stock for cash of $21,000. 9 - Converted bonds payable to common stock in the amount of $500,000. 10 - Repaid a 6 year note payable in the amount of $220,000. What is the net cash provided by operating activities?


Question 22 A critical factor in budgeting for a service firm is to Question 23 If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to Question 24 Which one of the following items is not necessary in preparing a statement of cash flows? Question 25 Quincy Corp. earned controllable margin of $500,000 on sales of $6,400,000. The division had average operating assets of $5,200,000. The company requires a return on investment of at least 8%. How much is residual income? ===============================================

ACC 556 Midterm Part 1 (100% Correct Answers)

FOR MORE CLASSES VISIT www.acc556assist.com ACC 556 - Midterm part 1 ¡ Question 1 Source documents can provide evidence that a transaction has occurred


· Question 2 Expense recognition is tied to revenue recognition. · Question 3 To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks. · Question 4 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 5 A concentration of credit risk is a threat of nonpayment from a single customer or class of customers that could adversely affect the financial health of the company. · Question 6 Which of the following is not a common way that managers use the balance sheet? · Question 7 Financing activities include the purchase or sale of long-lived assets or the purchase or sale of investment securities. · Question 8 Bathlinks Corporation has a debt to assets ratio of 73%. This tells the user of Bathlinks’s financial statements that · Question 9 Owners of business firms are the only people who need accounting information.


· Question 10 Marvin Services Corporation had the following accounts and balances: If the balance of the Buildings account was $45,000 and the equipment was sold for $21,000, what would be the total of stockholders' equity? · Question 11 Consistent use of the same accounting principles and methods is necessary for meaningful analysis of trends within a company. · Question 12 Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency. · Question 13 Solvency ratios measure the short-term ability of the company to pay its maturing obligations. · Question 14 The best definition of assets is the · Question 15 The partnership form of business organization · Question 16 Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods by the buyer. · Question 17 Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company. · Question 18 Which of the following would not be classified as a long-term liability?


· Question 19 The economic resources that are owned by a business are called stockholders’ equity. · Question 20 An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system. · Question 21 The revenue recognition principle dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied. · Question 22 Lankston Company began the year by issuing $90,000 of common stock for cash. The company recorded revenues of $825,000, expenses of $720,000, and paid dividends of $45,000. What was Lankston’s net income for the year? · Question 23 The multiple-step income statement is considered more useful than the single-step income statement because it highlights the components of net income. · Question 24 Use the following data to calculate the current ratio. Carne Auto Supplies Balance Sheet December 31, 2014

Cash $ 65,000 Accounts receivable payable 10,000

$

35,000 50,000

Accounts payable Salaries and wages


Inventory 70,000 90,000 Prepaid insurance 40,000 $165,000 Stock investments 80,000 Land 95,000 Buildings $100,000 $120,000 Less: Accumulated 250,000 depreciation (30,000) 85,000 equity $370,000 Trademarks 70,000 Total assets $535,000 equity $535

Mortgage payable Total liabilities

Common stock Retained earnings Total stockholders’ Total liabilities and stockholders’

· Question 25 Which of the following is the least likely consideration that management uses when deciding whether to pay a dividend? ===============================================

ACC 556 Midterm Part 1 and 2

FOR MORE CLASSES VISIT www.acc556assist.com ACC 556 - Midterm part 1 · Question 1 Source documents can provide evidence that a transaction has occurred


· Question 2 Expense recognition is tied to revenue recognition. · Question 3 To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks. · Question 4 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 5 A concentration of credit risk is a threat of nonpayment from a single customer or class of customers that could adversely affect the financial health of the company. · Question 6 Which of the following is not a common way that managers use the balance sheet? · Question 7 Financing activities include the purchase or sale of long-lived assets or the purchase or sale of investment securities. · Question 8 Bathlinks Corporation has a debt to assets ratio of 73%. This tells the user of Bathlinks’s financial statements that · Question 9 Owners of business firms are the only people who need accounting information. · Question 10


Marvin Services Corporation had the following accounts and balances: If the balance of the Buildings account was $45,000 and the equipment was sold for $21,000, what would be the total of stockholders' equity? · Question 11 Consistent use of the same accounting principles and methods is necessary for meaningful analysis of trends within a company. · Question 12 Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency. · Question 13 Solvency ratios measure the short-term ability of the company to pay its maturing obligations. · Question 14 The best definition of assets is the · Question 15 The partnership form of business organization · Question 16 Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods by the buyer. · Question 17 Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company. · Question 18 Which of the following would not be classified as a long-term liability? · Question 19


The economic resources that are owned by a business are called stockholders’ equity. · Question 20 An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system. · Question 21 The revenue recognition principle dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied. · Question 22 Lankston Company began the year by issuing $90,000 of common stock for cash. The company recorded revenues of $825,000, expenses of $720,000, and paid dividends of $45,000. What was Lankston’s net income for the year? · Question 23 The multiple-step income statement is considered more useful than the single-step income statement because it highlights the components of net income. · Question 24 Use the following data to calculate the current ratio. Carne Auto Supplies Balance Sheet December 31, 2014

Cash $ 65,000 Accounts receivable payable 10,000 Inventory 90,000

$

35,000 50,000 70,000

Accounts payable Salaries and wages Mortgage payable


Prepaid insurance 40,000 $165,000 Stock investments 80,000 Land 95,000 Buildings $100,000 $120,000 Less: Accumulated 250,000 depreciation (30,000) 85,000 equity $370,000 Trademarks 70,000 Total assets $535,000 equity $535

Total liabilities

Common stock Retained earnings Total stockholders’ Total liabilities and stockholders’

· Question 25 Which of the following is the least likely consideration that management uses when deciding whether to pay a dividend? 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 for $5,000 to Kelly Company with credit terms of 2/10, n/30. Kelly Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?


· Question 5 A revenue generally · Question 6 A merchandiser will earn an operating income of exactly $0 when · Question 7 Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances): Accounts Receivable $3,357,000 Allowances for Doubtful Accounts $ 63,900 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record? · Question 8 All of the following are characteristics of every accounting information system except it is a system · Question 9 Receivables are · Question 10 Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true? · Question 11 What is an advantage of using the multiple-step income statement? · 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 for $5,000 to Kelly Company with credit terms of 2/10, n/30. Kelly Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? · Question 5 A revenue generally · Question 6 A merchandiser will earn an operating income of exactly $0 when · Question 7 Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances): Accounts Receivable $3,357,000 Allowances for Doubtful Accounts $ 63,900 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record? · Question 8 All of the following are characteristics of every accounting information system except it is a system · Question 9 Receivables are · Question 10


Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true? · Question 11 What is an advantage of using the multiple-step income statement? · Question 12 The primary difference between accrued revenues and unearned revenues is that accrued revenues have: · Question 13 Dobler Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per books, 6/30 $8,400 Deposits in transit 600 Notes receivable and interest collected by bank 1,480 Bank charge for check printing 50 Outstanding checks 3,000 NSF check 280 The adjusted cash balance per books on June 30 is · Question 14 Which of the following is least likely to help a company minimize losses as credit standards are relaxed? · Question 15 A company usually determines the amount of supplies used during a period by: · Question 16 If a company is given credit terms of 2/10, n/30, it should


· Question 17 Independent internal verification of the physical inventory process occurs when · Question 18 Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using · Question 19 At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the collections in the journal and ledger. Which of the following is the best explanation of this type of internal control principle over cash receipts? · Question 20 Which statement is incorrect? · Question 21 Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns. · Question 22 All of the following are true regarding the management and monitoring of cash except · Question 23 If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true? · Question 24 Which one of the following is not an objective of a system of internal controls?


· Question 25 Olympus Climbers Company 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 FIFO inventory method, the amount allocated to cost of goods sold for July is ===============================================

ACC 556 Midterm Part 2 (100% Correct Answers)

FOR MORE CLASSES VISIT www.acc556assist.com 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 for $5,000 to Kelly Company with credit terms of 2/10, n/30. Kelly Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? •Question 5 A revenue generally •Question 6 A merchandiser will earn an operating income of exactly $0 when •Question 7 Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances): Accounts Receivable $3,357,000 Allowances for Doubtful Accounts $ 63,900 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record? •Question 8 All of the following are characteristics of every accounting information system except it is a system •Question 9 Receivables are •Question 10 Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true?


•Question 11 What is an advantage of using the multiple-step income statement? •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 for $5,000 to Kelly Company with credit terms of 2/10, n/30. Kelly Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? •Question 5 A revenue generally •Question 6 A merchandiser will earn an operating income of exactly $0 when •Question 7 Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances): Accounts Receivable $3,357,000 Allowances for Doubtful Accounts $ 63,900 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?


•Question 8 All of the following are characteristics of every accounting information system except it is a system •Question 9 Receivables are •Question 10 Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true? •Question 11 What is an advantage of using the multiple-step income statement? •Question 12 The primary difference between accrued revenues and unearned revenues is that accrued revenues have: •Question 13 Dobler Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per books, 6/30 $8,400 Deposits in transit 600 Notes receivable and interest collected by bank 1,480 Bank charge for check printing 50 Outstanding checks 3,000 NSF check 280 The adjusted cash balance per books on June 30 is •Question 14 Which of the following is least likely to help a company minimize losses as credit standards are relaxed?


•Question 15 A company usually determines the amount of supplies used during a period by: •Question 16 If a company is given credit terms of 2/10, n/30, it should •Question 17 Independent internal verification of the physical inventory process occurs when •Question 18 Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using •Question 19 At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the collections in the journal and ledger. Which of the following is the best explanation of this type of internal control principle over cash receipts? •Question 20 Which statement is incorrect? •Question 21 Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns. •Question 22 All of the following are true regarding the management and monitoring of cash except •Question 23


If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true? •Question 24 Which one of the following is not an objective of a system of internal controls? •Question 25 Olympus Climbers Company 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 FIFO inventory method, the amount allocated to cost of goods sold for July is ===============================================

ACC 556 Week 1 Crooked Scenario 1

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ACC 556 Week 1 Sherlock Homes

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ACC 556 Week 1 Short Answer Quiz

FOR MORE CLASSES VISIT www.acc556assist.com 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 between fraudulent financial statements, asset misappropriation and corruption.


4. Using Table 1.1 Types of Fraud, define employee fraud and management fraud and identify the victim and perpetrator in each type of fraud. 5. Who commits fraud? 6. Describe each of the elements of the Fraud Triangle. 7. List the 4 main groups of pressures and give 2 examples of each. 8. Discuss the difference between fraud detection and fraud prevention. 9. True or False: Fraud can always be prevented? Why or why not? 10. Select one corporate fraud case study from the text and compile a quick compare and contrast as it relates to fraud. ===============================================

ACC 556 WEEK 3 Assessing the Impact of Asset Misappropriation

FOR MORE CLASSES VISIT www.acc556assist.com 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 commit this fraud? • How did they get caught?


• What are the consequences and impact for the individual and the organization? • What could have been done to lessen the likelihood this type of this type of fraud occurring at that time and in the future? Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. ===============================================

ACC 556 Week 3 Crooked Scenario 3

FOR MORE CLASSES VISIT www.acc556assist.com 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 Investigative Methods primarily related? 6. Discuss the following concealment investigative techniques: a. Audits 7. What is Discovery Sampling and what are some of its pitfalls and challenges? 8. For what two purposes are Conversion Searches conducted? 9. From Chapter 9 select eight total investigative sources (two each from Governmental, Private, Online and Internet Search sources), and describe how you might use these in investigating fraud. 10. What is the The Net Worth Investigation Method? How and why is it used? ===============================================


ACC 556 Week 4 Impact of Corruption

FOR MORE CLASSES VISIT www.acc556assist.com 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? · Why did they commit this corruption? · How did they commit this corruption? · How did they get caught? · What are the consequences and impact for the individual and the organization? · What could have been done to lessen the likelihood of this type of fraud occurring at that time, and in the future? ===============================================

ACC 556 Week 5 Comparing the Impact

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ACC 556 Week 5 Comparing the Impact ===============================================

ACC 556 Week 5 Crooked Scenario 5

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ACC 556 Week 5 Memorandum Proactive Method of Fraud Detection

FOR MORE CLASSES VISIT www.acc556assist.com INDIVIDUAL ASSIGNMENT Write a 600-800 word memo to your accounting committee on fraud detection discussing the 6 steps of the Proactive Method of Fraud Detection found in figure 6.1 of Chapter 6. Include methods to gather information about a business, questions that should be asked, and examples of fraud symptoms. Please use a memo format for this assignment and reference the Proactive Method of Fraud Detection from your textbook.


Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. ===============================================

ACC 556 Week 6 Assignment 1 Financial Analysis (4 Papers, Apple, Lowe's, Mc Donalds, Walmart)

FOR MORE CLASSES VISIT www.acc556assist.com 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 company and review its last annual report. Use an investor’s view to perform financial analysis and discuss various non-financial factors impacting investment decision. Write a two to three (2-3) page paper in which you: 1. From an investor’s view, review the last annual report for chosen company. Use financial analysis tools of liquidity, profitability, and solvency to evaluate the company’s performance and reasons for


investing or not investing. Include the company’s ranking in the industry, and its major competitors. 2. From an investor’s views, discuss at least three (3) non-financial factors that suggest investing in this company. These may include environmental responsibility (sustainability), corporate governance, etc. Explain the main reasons why these are important to an investor. 3. Use at least three (3) quality academic resources in this assignment.Note:Wikipedia and other Websites do not quality as academic resources. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: • Analyze and interpret financial statements. • Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-financial performance measurements. • Use technology and information resources to research issues in financial accounting for managers. • Write clearly and concisely about financial accounting using proper writing mechanics. ===============================================

ACC 556 Week 6 fraud symptoms and mitigation

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www.acc556assist.com 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 keeping with the theme of the assignment. Please use the ―Notes‖ section below each PowerPoint slide to explain your ideas clearly. ===============================================

ACC 556 Week 6 Short Answer Quiz

FOR MORE CLASSES VISIT www.acc556assist.com 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 integrate it with what you have learned in the course this semester. Submit your assignment on the Assignments tab. · What does it mean to create a ―Culture of Honesty, Openness, and Assistance?‖ Give an example from an organization with which you have been affiliated.


· Codes of Conduct and Conflict of Interest Forms are often called ―soft‖ controls. What does this mean? · What does it mean to have a good system of internal controls? Give some examples of internal controls. · Whistleblower policies and procedures? Good or bad idea? Why? · Symptoms of fraud can be separated into six groups: (1) accounting anomalies, (2) internal control weaknesses, (3) analytical anomalies, (4) extravagant lifestyle, · (5) unusual behavior, and (6) tips and complaints. Discuss three. · Discuss the elements of a good fraud report. · What does ―Tone at the Top‖ mean? · Discuss the relative oversight responsibility of the audit committee, management, internal audit and independent auditors as it pertains to fraud. · Summarize the five steps of managing the Business Risk of Fraud. · Define and explain ERM. · What is a risk assessment? What are the steps to complete one? · Give some examples of how technology may be used in fraud prevention. · Explain FCPA and the U.K. Bribery Act. Why all the fuss? ===============================================

ACC 556 Week 10 Assignment 2 Budget Planning and Control (3 Papers)

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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 previously worked for, or would like to work for in the future has tasked you with preparing a budget plan. Write a three to four (3-4) page paper in which you: 1.Describe the company that you currently work for, have previously worked for, or would like to work for in the future. Determine at least two (2) compelling reasons that this company should prepare and manage a budget. Predict the two (2) most likely positive and negative financial outcomes for this company if it properly or improperly performs effective budgeting. 2.Outline a high-level budget plan for the company. In your high-level budget plan, recommend the most appropriate budgeting phases for the company. 3.Propose two (2) methods and techniques that the company should use to manage its budget over time in preparation for the fact that budgets are ever changing. Justify your response. 4.Imagine that the company is facing a financial challenge that is causing the actual amounts of money that it spends to become significantly off target from its budgeted amounts. Prepare an action plan to resolve the budget misalignment. In your action plan,


recommend at least one (1) budgeting technique to resolve the budget and actual discrepancies. Provide a rationale for your response. 5.Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources. Your assignment must follow these formatting requirements: •Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or schoolspecific format. Check with your professor for any additional instructions. •Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length. The specific course learning outcomes associated with this assignment are: •Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-financial performance measurements. •Evaluate decision making tools for capital investments, budgeting, and budgeting controls. •Analyze financial accounting tools and techniques that convert financial accounting data into information for decision making.


•Use technology and information resources to research issues in financial accounting for managers. •Write clearly and concisely about financial accounting using proper writing mechanics. Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using this rubric. ===============================================

ACC 565 Final Exam Guide

FOR MORE CLASSES VISIT www.acc565assist.com ACC 565 Final Exam Guide Question 1 Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of Question 2 If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct? Question 3


Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the subsidiary, has a separate return year NOL of $14,000 from last year. Jackson Corporation has a separate return year NOL of $16,000 from last year. Commencing this year, the two corporations filed a consolidated tax return. The NOLs can be carried over Question 4 Virginia gave stock with an adjusted basis of $8,000 and an FMV of $10,000 to Carmen. No gift tax was paid on the transfer. Carmen then sold the stock for $9,000. The gain or loss Carmen will recognize on the sale is Question 5 If a partnership chooses to form an LLC, under the check-the-box rules, and assuming no elections are made, the entity will be taxed as Question 6 Revocable trusts means Question 7 Identify which of the following statements is true. Question 8 Identify which of the following statements is true. Question 9 Cactus Corporation, an S Corporation, had accumulated earnings and profits of $100,000 at the beginning of 2009. Tex and Shirley each own 50% of the stock and have a basis in their stock of $50,000 on January


1, 2009. Cactus does not make any distributions during 2009, but had $200,000 of ordinary income. In 2010, ordinary income was $100,000 and distributions were $100,000. What is Tex's basis at January 1, 2011? Question 10 Tax return preparers can be penalized for the following activities except Question 11 An intervivos trust may be created by all of the following except Question 12 Identify which of the following statements is true. Question 13 Michael died in 2013 with a taxable estate and estate tax base of $6,000,000. Michael's estate owed no state death taxes. Michael's estate includes $250,000 of income in respect of a decedent (IRD), none of which is received by his surviving spouse. His estate had no DRD. The estate collects $200,000 of the IRD during its current tax year. The Sec. 691(c) deduction for the estate in current year is Question 14 Which of the following corporations is entitled to join in a consolidated tax return without making a special election? Question 15 Susan contributed land with a basis of $6,000 and an FMV of $10,000 to the SH Partnership two years ago to acquire her partnership interest. This year, the land is distributed to Harry when its FMV is $11,000. No other distributions have been made since Susan became a partner. When


the land is distributed, the partnership's basis in the land immediately before distribution is increased by Question 16 What is the penalty for a tax return preparer who willfully attempts to understate taxes, or intentionally disregards the tax rules and regulations? Question 17 When computing the partnership's ordinary income, a deduction is allowed for Question 18 Identify which of the following statements is true. Question 19 A consolidated return's tax liability is owed by Question 20 Terry files his return on March 31. The return shows taxes of $6,000, and Terry pays this entire amount when he files his return. By what time must he file a claim of refund? Question 21 The IRS provides advice concerning an issue that arises during an audit by issuing Question 22 In computing the ordinary income of a partnership, a deduction is allowed for


Question 23 Damitria transfers her rights in a $100,000 insurance policy on June 1 to Tremayne. The policy has a cash value of $9,000 and an interpolated terminal reserve of $8,500. The annual policy premium of $12,000 had been paid on January 1. Damitria's gift (before the annual gift tax exclusion) to Tremayne is Question 24 Diana Corporation owns stock of Tomika Corporation. For Diana and Tomika to qualify for the filing of consolidated returns, at least what percentage of Tomika's total voting power and total value of stock must be directly owned by Diana? Question 25 The executor or administrator is responsible for all the following estate duties except =========================================== ====

ACC 565 Midterm Exam Guide

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Question 1 Identify which of the following statements is false. Question 2 Which of the following transactions does nothave the potential of creating a constructive dividend? Question 3 The citation "Reg. Sec. 1.199-2" refers to Question 4 Bruce receives 20 stock rights in a nontaxable distribution. The stock rights have an FMV of $5,000. The common stock with respect to which the rights are issued has a basis of $4,000 and an FMV of $120,000. Bruce allows the stock rights to lapse. He can deduct a loss of Question 5 Identify which of the following statements is true. Question 6 A corporation cannot reasonably accumulate earnings to Question 7 Small case procedures of the U.S. Tax Court requires that the amount in dispute not exceed Question 8 For purposes of determining current E&P, which of the following items cannot be deducted in the year incurred? Question 9


What are the consequences of a stock redemption to the distributing corporation? Question 10 Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000 basis in his Coast stock. The land is inventory in the hands of Coast Corporation. Coast Corporation must recognize Question 11 The phrase "Entered under Rule 155" indicates that Question 12 You need to locate a recent tax case that was tried in a Federal district court. The decision is an "unreported" decision. This means the decision was Question 13 When using the Bardahl formula, an increase in accounts payable (while holding purchases and operating expenses constant) has which of the following effects on the working capital Question 14 Which of the following steps, related to a tax bill, occurs first? Question 15 Dexer Corporation is owned 70% by Amy and 30% by Brad. Dexer Corporation owns Eagle Corporation stock with a $50,000 adjusted basis and a $30,000 FMV. The stock is not disqualified property. As part of a complete liquidation, the Eagle Corporation stock is distributed to


Amy. Amy's basis in her Dexer stock is $40,000. Dexer Corporation will recognize Question 16 Which of the following requirements must be met for a redemption to be treated as substantially disproportionate? Question 17 During the course of an audit, a CPA discovers an error in a prior return. According to the Statements on Standards for Tax Services, the CPA should Question 18 Which of the following is not a condition that permits a stock redemption to be treated as a sale? Question 19 Carolyn transfers property with an adjusted basis of $50,000 and an FMV of $60,000 in exchange for Prime Corporation stock in a Sec. 351 transaction. Carolyn's basis in the stock is Question 20 Tia owns 2,000 shares of Bass Corporation common stock with an $80,000 basis. Bass distributes a nontaxable preferred stock dividend. When the preferred stock is distributed, it has an FMV of $60,000 and the FMV of the 2,000 common stock shares is $180,000. The basis of the preferred stock is Question 21 American Corporation acquires the noncash assets of Utech Corporation in exchange for $700,000 of its voting stock plus $50,000 of


cash. Utech Corporation assets are worth $750,000. Utech Corporation does not distribute the stock and cash but instead holds the stock as an investment. Utech will use the American cash along with the cash it retained to start a new business. The transaction can be classified as a Question 22 Dixie Corporation distributes $31,000 to its sole shareholder, Sally. At the time of the distribution, Dixie's E&P is $25,000 and Sally's basis in her Dixie stock is $10,000. Sally's basis in her Dixie stock after the distribution is Question 23 Tomika Corporation has current and accumulated earnings and profits of $0. Tomika distributes $10,000 to its sole shareholder, Alana. What are Tomika's earnings and profits Question 24 Which of the following items are tax preference items for purposes of arriving at alternative minimum taxable income? Question 25 JLA is a U.S. shoe manufacturer. Its domestic production income is $1,000,000 and U.S. W-2 wages are $600,000. Taxable income before the domestic production deduction is $500,000. What is the amount of the production activities deduction? =========================================== ====

ACC 565 Week 2 Assignment 1 Client Letter (2 Papers)


FOR MORE CLASSES VISIT www.acc565assist.com This Tutorial contains 2 Different Papers ACC 565 Assignment 1 Client Letter Assignment 1: Client Letter Imagine that you are a Certified Public Accountant (CPA) with a new client who needs an opinion on the most advantageous capital structure of a new corporation. Your client formed the corporation in question to provide technology to the medical profession to facilitate compliance with the Health Insurance Portability and Accountability Act (HIPAA). Your client is very excited because of the ability to secure several significant contracts with sufficient capital. Use the Internet and Strayer databases to research the advantages and disadvantages of debt for capital formation versus equity for capital formation of a corporation. Prepare a formal letter to the client using the six (6) step tax research process in Chapter 1 and demonstrated in Appendix A of your textbook as a guide. Write a one to two (1-2) page letter in which you: 1. Compare the tax advantages of debt versus equity capital formation of the corporation for the client.


2. Recommend to the client whether he / she should use debt or equity for capital formation of the new corporation, based on your research. Provide a rationale for the response. 3. Use the six (6) step tax research process, located in Chapter 1 and demonstrated in Appendix A of the textbook, to record your research for communications to the client. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: • Analyze tax issues regarding corporate formations, capital structures, income tax, non-liquidating distributions, or other corporate levies. • Use technology and information resources to research issues in organizational tax research and planning. • Write clearly and concisely about organizational tax research and planning using proper writing mechanics. =========================================== ====


ACC 565 Week 4 Assignment 2 Constructive Dividends, Redemptions, and Related Party Losses (2 Papers)

FOR MORE CLASSES VISIT www.acc565assist.com This Tutorial contains 2 Different Papers This paper of ACC 565 Week 4 Assignment 2 Assignment 2 :Constructive Dividends, Redemptions, and Related Party Losses Suppose you are a CPA hired to represent a client that is currently under examination by the IRS. The client is the president and 95% shareholder of a building supply sales and warehousing business. He also owns 50% of the stock of a construction company. The remaining 50% of the stock of the construction company is owned by the client’s son. The client has received a Notice of Proposed Adjustments (NPA) on three (3) significant issues related to the building supply business for the years under examination. The issues identified in the NPA are unreasonable compensation, stock redemptions, and a rental loss. Additional facts regarding the issues are reflected below: ¡ Unreasonable compensation: The taxpayer receives a salary of $10 million composed of a $5 million base salary plus 5% of gross receipts not to exceed $5 million. The total gross receipts of the building supply business are $300 million. The NPA by the IRS disallows the salary based on 5% of gross receipts as a constructive dividend


· Stock redemptions: During the audit period, the construction company redeemed 50% of the outstanding stock owned by the client and 50% of the stock owned by the client’s son, leaving each with the same ownership percentage of 50%. The redemption was treated as a distribution under Section 301 of the IRC by the IRS. · Rental loss: The rental loss results from a building leased to the construction company owned by the client and his son. Write a three page paper in which you: 1. Based on your research and the facts stated in the scenario, prepare a recommendation for the client in which you advise either acceptance of the proposed adjustments or further appeal of the issue based on the potential for prevailing on appeal. 2. Create a tax plan for the future redemption of the client’s stock owned in the construction company that will not be taxed according to Section 301 of the IRC. 3. Propose a strategy for the client to receive similar amounts in compensation in the future and avoid the taxation as a constructive dividend. 4. Use the six (6) step tax research process to record your research for communications to the client. Use the Internet and databases to research the rules and income tax laws regarding unreasonable compensation, stock redemptions treated as dividends and related party losses. Be sure to use the six (6) step tax research process in Chapter 1 and demonstrated in Appendix A of your textbook as a guide for your written response.


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ACC 565 Week 7 Assignment 3 Reorganizations and Consolidated Tax contains (2 Papers)

FOR MORE CLASSES VISIT www.acc565assist.com ACC 565 Week 7 Assignment 3 Reorganizations and Consolidated Tax contains Due Week 7 and worth 250 points Suppose you are a CPA, and you have a corporate client that has been operating for several years. The company is considering expansion through reorganizations. The company currently has two (2) subsidiaries acquired through Type B reorganizations. The client has asked you for tax advice on the benefit of a Type A, C, or D reorganization over a Type B reorganization. Additional facts regarding the issues are reflected below. The company currently files a consolidated income tax return with the two (2) subsidiaries acquired through a Type B reorganization. ABC Corporation, a subsidiary targeted by the client for takeover, has substantial net operating losses.


XYZ Corporation and BB Corporation will be acquired as subsidiaries in the next six (6) months. Use the Internet and Strayer databases to research the rules and income tax laws regarding Types A, B, C, and D reorganizations and consolidated tax returns. Be sure to use the six (6) step tax research process in Chapter 1 and demonstrated in Appendix A of your textbook as a guide for your written response. Write a four to six (4-6) page paper in which you: Compare the long-term tax benefits and advantages of each type of reorganization, and recommend the type of reorganization that will be most beneficial to the client. Suggest the type of reorganization the client should use for the ABC Corporation based on your research. Justify the response. Propose a taxable acquisition structure for the client’s planned acquisitions over a nontaxable reorganization. Assess the value of a taxable transaction over a nontaxable reorganization for the client. Examine the value and limitations of including the ABC Corporation if acquired as a wholly owned subsidiary in the consolidated return, and provide a recommendation to your client. Support the recommendation with applicable research. Create a scenario that will allow the client to reduce any disadvantages from filing a consolidated return as a member of a controlled group. Use the six (6) step tax research process, located in Chapter 1 and demonstrated in Appendix A of the textbook, to record your research for communications to the client. Your assignment must follow these formatting requirements:


Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: Prepare client, internal, and administrative documents that appropriately convey the results of tax research and planning. Evaluate tax-planning strategies related to liquidating distributions, acquisitions, and reorganizations. Create an approach to tax research that results in credible and current resources. Research and analyze tax issues regarding consolidated tax returns. Use technology and information resources to research issues in organizational tax research and planning. Write clearly and concisely about organizational tax research and planning using proper writing mechanics. =========================================== ====

ACC 556 ASSIST Principal Education / acc556assist.com  

This course capture the brand essence and positioning

ACC 556 ASSIST Principal Education / acc556assist.com  

This course capture the brand essence and positioning

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