Tag: Strayer

Strayer ACC 556 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

Strayer ACC 556 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

Strayer ACC 556 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.

Strayer ACC 556 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

Strayer ACC 556 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

Strayer ACC 556 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

Strayer ACC 556 Chapter 13 Quiz 1. Price-earnings ratio 2. Return on assets 3. Accounts receivable turnover ratio 4. Earnings per share 5. Payout ratio 6. Current cash debt coverage 7. Current ratio 8. Debt to assets ratio 9. Free cash flow 10. Inventory turnover

Strayer ACC 556 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

Strayer ACC 556 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

Strayer ACC 556 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