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
STATUS
Question 13
Transactions in a journal are recorded in
Question 14
The final step in solving an ethical dilemma is to
Question 15
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?