Strayer ACC 557 Midterm Part 1

Question 1

What is the order in which assets are generally listed on a classified balance sheet?

Question 2

The information for preparing a trial balance on a worksheet is obtained from

Question 3

The most efficient way to accomplish closing entries is to

Question 4

All of the following are property, plant, and equipment except

Question 5

On March 8, Black Candy Company bought supplies on account from the Arcade Fire Company for $550. Black Candy Company incorrectly debited Equipment for $500 and credited Accounts Payable for $500. The entries have been posted to the ledger. the correcting entry should be:

Question 6

The operating cycle of a company is the average time that is required to go from cash to

Question 7

The purpose of the post-closing trial balance is to

Question 8

The first step in posting involves

Question 9

On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will

Question 10

Which of the following are the same under both GAAP and IFRS?

Question 11

The final step in the recording process is to transfer the journal information to the

Question 12

At January 31, 2015, the balance in Aislers Inc.’s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account should be

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Question 13

Transactions in a journal are recorded in

Question 14

The final step in solving an ethical dilemma is to

Question 15

Accounting consists of three basic activities which are related to economic events of an organization. These include

Question 16

The primary purpose of the statement of cash flows is to report

Question 17

Retained earnings at the end of the period is equal to

Question 18

A basic assumption of accounting assumes that the dollar is

Question 19

All of the following are steps in analyzing ethics cases in financial reporting except

Question 20

An accounting time period that is one year in length, but does not begin on January 1, is referred to as

Question 21

Which of the statements below is not true?

Question 22

Which of the following statements is nottrue?

Question 23

A company spends $15 million dollars for an office building. Over what period should the cost be written off?

Question 24

Accounts often need to be adjusted because

Question 25

Which of the following is in accordance with generally accepted accounting principles?