Premium Essay

Acc 557 Midterm Exam Part 2,

In: Other Topics

Submitted By StudenteHelp
Words 1241
Pages 5
Question 1
Net income is gross profit less
• financing expenses.
• operating expenses.
• other expenses and losses.
• other expenses.

Question 2
On November 2, 2014, Kasdan Company has cash sales of $6,000 from merchandise having a cost of $3,600. The entries to record the day's cash sales will include:
• a $3,600 credit to Cost of Goods Sold.
• a $6,000 credit to Cash.
• a $3,600 credit to Inventory.
• d a $6,000 debit to Accounts Receivable.

Question 3
Glenn Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Glenn Company pays within the discount period?
• $8,100
• $8,280
• $8,820
• $9,000

Question 4
When a seller grants credit for returned goods, the account that is credited is
• Sales Revenue.
• Sales Returns and Allowances.
• Inventory.
• Accounts Receivable.

Question 5
An aging of a company's accounts receivable indicates that $14,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a
• debit to Bad Debt Expense for $14,000.
• debit to Allowance for Doubtful Accounts for $12,900.
• debit to Bad Debt Expense for $12,900.
• credit to Allowance for Doubtful Accounts for $14,000.

Find the Complete exam answers click here ACC 557 Week 1 Complete

Question 6
The basic issues in accounting for notes receivable include each of the following except
• analyzing notes receivable.
• disposing of notes receivable.
• recognizing notes receivable.
• valuing notes receivable.

Question 7
Three accounting issues associated with accounts receivable are
• depreciating, returns, and valuing.
• depreciating, valuing, and collecting.
• recognizing, valuing, and disposing.
• accrual, bad debts, and disposing.

Question 8
A…...

Similar Documents

Premium Essay

Acc 557

...Assignment 1: Review of Accounting Ethics Kelvin Darden Strayer University ACC 557 Darren Tennyuk May 5, 2013 Assignment 1: Review of Accounting Ethics The New Zealand Institute of Chartered Accounts (NZICA) represents over 33,000 members in New Zealand and overseas. The organization audits private companies and public companies that are members of the organization (Graham, 1960).   In October 2012, the organization was found to be practicing breaches of accounting with its members when an employee of the organization was found investing in different companies using client’s money. The loans were supposed to be short-term loans but it turned out they were not, this was discovered after complaints from clients. 1. Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer. In recent times the NZICA has faced several cases of accounting ethical breaches. There were unpredictable increases and collapses of chartered accountants. From every corner, voices rose demanding accountability, demanding tighter regulation and unethical practices to be brought to justice.   Clearly, those at fault should have been punished. However, in order for ethical principles to apply it must be shown that the institution is inherently moral or ethically responsible (Graham, 1960). Secondly, an adequate discussion of......

Words: 1126 - Pages: 5

Premium Essay

Acc 557 Wk 2 Chapter 1 Quiz - All Possible Questions

...ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-1-Quiz-All-Possible-Questions-ACC5574.htm ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. Owners of business firms are the only people who need accounting information. 2. Transactions that can be measured in dollars and cents are recorded in the financial information system. 3. The hiring of a new company president is an economic event recorded by the financial information system. 4. Management of a business enterprise is the major external user of information. 5. Accounting communicates financial information about a business enterprise to both internal and external users. 6. Accounting information is used only by external users with a financial interest in a business enterprise. 7. Financial statements are the major means of communicating accounting information to interested parties. 8. Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process. 9. The origins of accounting are attributed to Luca Pacioli, a famous mathematician. 10. The study of accounting will be useful only if a student is interested in working for a profit-oriented business firm. 11. Private accountants are accountants who are not employees of business......

Words: 1038 - Pages: 5

Premium Essay

Acc 557 Wk 2 Chapter 2,3 Quiz - All Possible Questions

...ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-23-Quiz-All-Possible-Questions-AC5575.htm ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A new account is opened for each transaction entered into by a business firm. 2. The recording process becomes more efficient and informative if all transactions are recorded in one account. 3. When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers. 4. An account is often referred to as a T-account because of the way it is constructed. 5. A debit to an account indicates an increase in that account. 6. If a revenue account is credited, the revenue account is increased. 7. The normal balance of all accounts is a debit. 8. Debit and credit can be interpreted to mean increase and decrease, respectively. 9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures. 10. A credit balance in a liability account indicates that an error in recording has occurred. 11. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. 12. Revenues are a subdivision of retained earnings. 13....

Words: 1114 - Pages: 5

Premium Essay

Acc 557 Wk 2 Chapter 2,3 Quiz - All Possible Questions

...ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-23-Quiz-All-Possible-Questions-AC5575.htm ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A new account is opened for each transaction entered into by a business firm. 2. The recording process becomes more efficient and informative if all transactions are recorded in one account. 3. When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers. 4. An account is often referred to as a T-account because of the way it is constructed. 5. A debit to an account indicates an increase in that account. 6. If a revenue account is credited, the revenue account is increased. 7. The normal balance of all accounts is a debit. 8. Debit and credit can be interpreted to mean increase and decrease, respectively. 9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures. 10. A credit balance in a liability account indicates that an error in recording has occurred. 11. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. 12. Revenues are a subdivision of retained earnings. 13....

Words: 1114 - Pages: 5

Premium Essay

Statistic 2 Midterm Exam

...variables being considered. 2. Specify the multiple regression model using all independent variables being considered. 3. Fill in the following table with the correct values of E, F and G. ANSWERS E - Regression F - Residual G - TOTAL 4. Fill in the blanks of A, B, C, D, H, I, K of the ANOVA in the following box. Show all of your calculations for each of them. Marks will be given ONLY IF appropriate computational work is shown completely in the space below. It is recommended in this case that you show computational work to four digits after the decimal point. FINAL ANSWERS TO BE INSERTED HERE A C D H I K 5. Using a hypothesis test, determine whether the model is significant overall. Use significance level α = 5%. Specify completely the null and alternate hypotheses for testing the overall validity of the multiple regression model. Explain why the model is valid at α = 5% - or why not, as the case may be. 6. Interpret the coefficient of each of the indicator variables in the sample regression equation. 7. Predict the amount of chlorine depletion when the temperature is 75 degrees Fahrenheit and pH level is 6.6 on a partly sunny day. CORRECTION This should be B5 Go to www.StatsDoesntSuck.com for more exams Go to www.StatsDoesntSuck.com for more exams Go to www.StatsDoesntSuck.com for more exams Go to www.StatsDoesntSuck.com for more exams Go to www.StatsDoesntSuck.com for more exams Go to......

Words: 723 - Pages: 3

Free Essay

Acc 403 Week 5 Midterm Exam

...ACC 403 WEEK 5 MIDTERM EXAM To purchase this visit here: http://www.activitymode.com/product/acc-403-week-5-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 403 WEEK 5 MIDTERM EXAM STRAYER LATEST ACC 403 Week 5 Midterm Exam Activity mode aims to provide quality study notes and tutorials to the students of ACC 403 Week 5 Midterm Exam Strayer Latest in order to ace their studies. ACC 403 WEEK 5 MIDTERM EXAM To purchase this visit here: http://www.activitymode.com/product/acc-403-week-5-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 403 WEEK 5 MIDTERM EXAM STRAYER LATEST ACC 403 Week 5 Midterm Exam Activity mode aims to provide quality study notes and tutorials to the students of ACC 403 Week 5 Midterm Exam Strayer Latest in order to ace their studies. ACC 403 WEEK 5 MIDTERM EXAM To purchase this visit here: http://www.activitymode.com/product/acc-403-week-5-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 403 WEEK 5 MIDTERM EXAM STRAYER LATEST ACC 403 Week 5 Midterm Exam Activity mode aims to provide quality study notes and tutorials to the students of ACC 403 Week 5 Midterm Exam Strayer Latest in order to ace their studies. ACC 403 WEEK 5 MIDTERM EXAM To purchase this visit here: http://www.activitymode.com/product/acc-403-week-5-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 403 WEEK 5 MIDTERM EXAM STRAYER LATEST ACC 403 Week 5 Midterm Exam Activity mode aims to provide quality study notes and......

Words: 561 - Pages: 3

Free Essay

Acc 556 Week 5 Midterm Exam Latest Strayer

...ACC 556 WEEK 5 MIDTERM EXAM LATEST STRAYER To purchase this visit following link: http://coursehomework.com/product/acc-556-week-5-midterm-exam-latest-strayer/ Contact us at: HELP@COURSEHOMEWORK.COM ACC 556 WEEK 5 MIDTERM EXAM LATEST STRAYER ACC 556 Week 5 Midterm Exam Summer 2015 ACC 556 Week 5 Midterm Exam Fall 2015 Set-1 ACC 556 Week 5 Midterm Exam Fall 2015 Set-2 Course Home Work aims to provide quality study notes and tutorials to the students of ACC 556 Week 5 Midterm Exam Latest Strayer in order to ace their studies. ACC 556 WEEK 5 MIDTERM EXAM LATEST STRAYER To purchase this visit following link: http://coursehomework.com/product/acc-556-week-5-midterm-exam-latest-strayer/ Contact us at: HELP@COURSEHOMEWORK.COM ACC 556 WEEK 5 MIDTERM EXAM LATEST STRAYER ACC 556 Week 5 Midterm Exam Summer 2015 ACC 556 Week 5 Midterm Exam Fall 2015 Set-1 ACC 556 Week 5 Midterm Exam Fall 2015 Set-2 Course Home Work aims to provide quality study notes and tutorials to the students of ACC 556 Week 5 Midterm Exam Latest Strayer in order to ace their studies. ACC 556 WEEK 5 MIDTERM EXAM LATEST STRAYER To purchase this visit following link: http://coursehomework.com/product/acc-556-week-5-midterm-exam-latest-strayer/ Contact us at: HELP@COURSEHOMEWORK.COM ACC 556 WEEK 5 MIDTERM EXAM LATEST STRAYER ACC 556 Week 5 Midterm Exam Summer 2015 ACC 556 Week 5 Midterm Exam Fall 2015 Set-1 ACC 556 Week 5 Midterm Exam Fall 2015 Set-2 Course Home Work aims to provide......

Words: 777 - Pages: 4

Free Essay

Hsa 515 Midterm Exam Part 1 and 2

...HSA 515 MIDTERM EXAM PART 1 AND 2 To purchase this visit following link: http://www.activitymode.com/product/hsa-515-midterm-exam-part-1-and-2/ Contact us at: SUPPORT@ACTIVITYMODE.COM HSA 515 MIDTERM EXAM PART 1 AND 2 Part:1 Course: Health Care Policy, Law And Et Test: Week 5 Midterm Exam Part 1 Attempt Score: 125 out of 125 points Time Elapsed 28 minutes out of 2 hours. Instructions: This midterm exam consists of 25 multiple choice questions and covers the material in Chapters 1 through 3. Question 1 5 out of 5 points The person often referred to as the first hospital administrator Question 2 5 out of 5 points Reform in medical education early in the 20th century was due to Question 3 5 out of 5 points The inventor of the electrocardiograph, which marked the beginning of medicine in the 20th century Question 4 5 out of 5 points The first incorporated hospital in the U.S. was founded in Question 5 5 out of 5 points The person who claimed that the alarming number of deaths from puerperal fever was due to infection transmitted by students who came directly from the dissecting room to take care of maternity patients Question 6 5 out of 5 points With the goal of providing the best professional, scientific and humanitarian care possible, the focus of efforts in hospital standardization was the Question 7 5 out of 5 points HSA 515 MIDTERM EXAM PART 1 AND 2 To purchase this visit following......

Words: 1458 - Pages: 6

Premium Essay

Eco 550 Midterm Exam Part 2

...Question 1 4 out of 4 points An example of a time series data set is one for which the: Selected Answer: Correct data would be collected for a given firm for several consecutive periods (e.g., months). Correct Answer: Correct data would be collected for a given firm for several consecutive periods (e.g., months). Question 2 4 out of 4 points Consumer expenditure plans is an example of a forecasting method. Which of the general categories best described this example? Selected Answer: Correct survey techniques and opinion polling Correct Answer: Correct survey techniques and opinion polling Question 3 4 out of 4 points If two alternative economic models are offered, other things equal, we would Selected Answer: Correct select the model that gave the most accurate forecasts Correct Answer: Correct select the model that gave the most accurate forecasts Question 4 4 out of 4 points The use of quarterly data to develop the forecasting model Yt = a +bYt−1 is an example of which forecasting technique? Selected Answer: Correct Time-series forecasting Correct Answer: Correct Time-series forecasting Question 5 4 out of 4 points Time-series forecasting models: Selected Answer: Correct are based solely on historical observations of the values of the variable being forecasted Correct Answer: Correct are based solely on historical observations of the values of the variable being forecasted Question 6 4 out of 4......

Words: 1175 - Pages: 5

Free Essay

Acc 206 Week 5 Midterm Exam

...ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK5MIDTERMEXAM/79 contact us at: help@mindblows.us ACC 206 WEEK 5 MIDTERM EXAM ACC 206 Week 5 Midterm Exam – STR NEW ACC 206 WEEK 5 MIDTERM EXAM To purchase this tutorial visit......

Words: 1666 - Pages: 7

Premium Essay

Acc 565 Week 5 Midterm Exam

...ACC 565 WEEK 5 MIDTERM EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC565WEEK5MIDTERMEXAM/540 contact us at: help@mindblows.us ACC 565 WEEK 5 MIDTERM EXAM 1) Tax planning is not an integral part of open-fact situations. 2) The Internal Revenue Code of 1986 contains the current version of the tax law. 3) Regulations issued prior to the latest tax legislation dealing with a specific Code section are still effective to the extent they do not conflict with the provisions in the new legislation. 4) Final regulations have almost the same legislative weight as the IRC. 5) A revenue ruling is issued by the Internal Revenue Service only in response to a verbal inquiry by a taxpayer. 6) Taxpayers must pay the disputed tax prior to filing a case with the Tax Court. 7) Appeals from the U.S. Tax Court are to the Court of Appeals for the Federal Circuit. 8) Appeals from the Court of Appeals go to the Supreme Court under a writ of certiorari. The Supreme Court decides whether or not they will hear the case. 9) A citator enables tax researchers to locate authorities (e.g., cases and IRS pronouncements) that have cited a particular case. 10) According to the Statements on Standards for Tax Services, CPAs must verify all tax return information submitted by reviewing client documentation. 11) When a taxpayer contacts a tax advisor requesting advice as to the most advantageous way to dispose of a stock, the tax advisor is faced with A) a......

Words: 4931 - Pages: 20

Premium Essay

Acc 557 Midterm Exam Part 1 Assignment

...ACC 557 Midterm Exam Part 1 Question 1 Equipment is classified in the balance sheet as • a current asset. • property, plant, and equipment. • an intangible asset. • a long-term investment. Question 2 Correcting entries are made • at the beginning of an accounting period. • at the end of an accounting period. • whenever an error is discovered. • after closing entries. Question 3 The first required step in the accounting cycle is • reversing entries. • journalizing transactions in the book of original entry. • analyzing transactions. • posting transactions. Question 4 The net income (or loss) for the period • is found by computing the difference between the income statement credit column and the balance sheet credit column on the worksheet. • cannot be found on the worksheet. • is found by computing the difference between the income statement columns of the worksheet. • is found by computing the difference between the trial balance totals and the adjusted trial balance totals. Want to see the ACC 557click here ACC 557 Question 5 The purpose of the post-closing trial balance is to • prove that no mistakes were made. • prove the equality of the balance sheet account balances that are carried forward into the next accounting period. • prove the equality of the income statement account balances that are carried forward into the next accounting period. • list all the balance sheet accounts in alphabetical order for easy......

Words: 1271 - Pages: 6

Premium Essay

Soc 100 Midterm Exam Part 2 Assignment

...time • Listening quietly when your boss is speaking Question 2 What is the sociological definition of significant others? • Specific people important in a child’s life who have the greatest impact on their self-evaluation • Relationships characterized by intense emotional ties, face-to-face interaction, intimacy, and a strong, enduring sense of commitment • Those whose opinions provide the basis for how we judge our own attitudes or behaviors • People of similar age and social standing that influence our norms and values Question 3 The study of social interaction as if it were governed by the norms of theatrical performance is referred to as: • Presentation of self • Theatrical socialization • Dramaturgical approach • Shakespearean social interaction Question 4 The unspoken classroom socialization to the norms, values, and roles of a culture that school provides is referred to as: • Textbook socialization • Socialization curriculum • Curriculum of inequality • Hidden curriculum Question 5 Which of the following behaviors is most likely the result of family socialization? • Texting and holding a face-to-face conversation at the same time • Standing during the playing of the national anthem • Arriving to an important appointment 15 minutes early • Performing specific household chores Want SOC 100 midterm exam part 2 answer download now SOC 100 Midterm Exam Part 2 Question 6 Adopting the behavior or standards of a group you......

Words: 992 - Pages: 4

Premium Essay

Soc 100 Midterm Exam Part 1 Assignment

...SOC 100 Midterm Exam Part 1 – Assignment Question 1 _____ is considered the first female sociologist and argued that injustices such as slavery and women’s inequality stunted a society’s moral development. • Auguste Comte • Émile Durkheim • Karl Marx • Harriet Martineau Question 2 The ability of individuals and groups to exercise free will and to make social change is referred to as: • Structure • Agency • Free choice • Individualism Question 3 Patterned social arrangements that have an enabling or constraining effect on agency are referred to as: • Structure • Institutions • Free will • Socialization Question 4 Accepted social behaviors and beliefs are referred to as: • Norms • Culture • Social status • Values Question 5 The relationship between agency and structure is _____, as ______. • one-sided, agency influences structure • one-sided, structure enables or constrains agency • reciprocal, they both have an effect on one another • nonexistent, there is no relationship between the two Find the midterm exam answers here just a click away SOC 100 Midterm Exam Part 1 - Assignment Question 6 _____ established the first rules for conducting sociological research and examined the impact of modern society on social solidarity. • Auguste Comte • Émile Durkheim • Karl Marx • Harriet Martineau Question 7 _____ believed that nearly all known societies are characterized by some system of division by economic class, which...

Words: 789 - Pages: 4

Free Essay

Acc 557 Tutor Pride in Excellence/Acc557Tutordotcom

...ACC 557 All Assignments, Wileyplus and Quizzes FOR MORE CLASSES VISIT www.acc557tutor.com Please check the details below ACC 557 Week 3 Assignment 1 Review of Accounting Ethics (2 Paper) ACC 557 Week 6 Assignment 2 You Are an Entrepreneur! (2 Paper) ACC 557 Week 10 Assignment 3 You Are an Investment Analyst (2 Papers) ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A) ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A) ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A) ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A) ACC 557 Week 4 Chapter 6 (E6-1,E6-10,E6-14,P6-3A) ACC 557 Week 5 Chapter 7 (E7-5 E7-7 E7-14 P7-3A) ------------------------------------------------------------------------------- ACC 557 Midterm Part 1 FOR MORE CLASSES VISIT www.acc557tutor.com 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 ------------------------------------------------------------------------------- ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11,......

Words: 1027 - Pages: 5