ACC 557 MIDTERM PART 1 (Latest 2016)

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

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

3. The most efficient way to accomplish closing entries is to

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

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:

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

7. The purpose of the post-closing trial balance is to

8. The first step in posting involves

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

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

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

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

13. Transactions in a journal are recorded in

14. The final step in solving an ethical dilemma is to

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

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

17. Retained earnings at the end of the period is equal to

18. A basic assumption of accounting assumes that the dollar is

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

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

20. Which of the statements below is not true?

21. Which of the following statements is not true?

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

23. Accounts often need to be adjusted because

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

 

 

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Answer:

  • * What ** *** order ** which ****** are generally ****** on a ********** balance *******
    2
    The *********** *** preparing * trial balance ** a ********* ** ******** ***** *
    ***
    **** ********* *** ** accomplish closing entries is *** * ***
    **
    *** ********* *** ******** plant *** ********* ******* * ** *****
    *
    ***** Candy Company ****** supplies on account from the Arcade Fire ******* *** **** ***** ***** ******* incorrectly ******* Equipment for $500 and ******** Accounts ******* *** **** *** ******* **** been ****** ** *** ******...
    Attached: ACC 557 MIDTERM PART 1.docx

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