ACC 556

  • ACC 556 Chapter 1 Quiz (STRAYER)

    ACC 556 Chapter 1 Quiz (STRAYER)

    ACC 556 Chapter 1 Quiz (STRAYER) A business organized as a separate legal entity owned by stockholders is a partnership. Accounting communicates financial information about a business to both internal and external users. The primary purpose of...

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  • ACC 556 Chapter 12 Quiz (STRAYER)

    ACC 556 Chapter 12 Quiz (STRAYER)

    ACC 556 Chapter 12 Quiz (STRAYER) • Question 1 1 out of 1 points       The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained...

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  • ACC 556 Chapter 2 Quiz (STRAYER)

    ACC 556 Chapter 2 Quiz (STRAYER)

    ACC 556 Chapter 2 Quiz (STRAYER) Cash and supplies are both classified as current assets. Earnings per share measures the net income earned on each share of common stock. Net cash provided by operating...

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  • ACC 556 Chapter 3 Quiz (STRAYER)

    ACC 556 Chapter 3 Quiz (STRAYER)

    ACC 556 Chapter 3 Quiz (STRAYER)  Economic events that require recording in the financial statements are called accounting transactions.  An account is often referred to as a T-account because of the way it is constructed...

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  • ACC 556 Chapter 4 Quiz (STRAYER)

    ACC 556 Chapter 4 Quiz (STRAYER)

    ACC 556 Chapter 4 Quiz (STRAYER)  The revenue recognition principle dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied.  An adjusting entry to a prepaid expense is required to...

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  • ACC 556 Chapter 5 Quiz (STRAYER)

    ACC 556 Chapter 5 Quiz (STRAYER)

    ACC 556 Chapter 5 Quiz (STRAYER) An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system. The terms 2/10, net/30 mean that a 2 percent discount is allowed...

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  • ACC 556 Chapter 7 Quiz (STRAYER)

    ACC 556 Chapter 7 Quiz (STRAYER)

    ACC 556 Chapter 7 Quiz (STRAYER) The most important element of the fraud triangle is rationalization. Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational...

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  • ACC 556 Chapter 8 Quiz (STRAYER)

    ACC 556 Chapter 8 Quiz (STRAYER)

    ACC 556 Chapter 8 Quiz (STRAYER) 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. Allowance...

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  • ACC 556 Chapter 9 Quiz (STRAYER)

    ACC 556 Chapter 9 Quiz (STRAYER)

    ACC 556 Chapter 9 Quiz (STRAYER) All plant assets (fixed assets) must be depreciated for accounting purposes. Recording depreciation on plant assets affects the balance sheet and the income statement. Additions...

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