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ACC 556 ACC/556 ACC556 WEEK 5 MIDTERM 2

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ACC 556 WEEK 5 MIDTERM 2 • Question 1 Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns. • Question 2 If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true? Selected Answer: Morris’ cash provided by operations is less than its cash dividends plus capital expenditures. Correct Answer: Morris’ cash provided by operations is less than its cash dividends plus capital expenditures. • Question 3 Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal balances): • Accounts Receivable $3,357,000 • Allowances for Doubtful Accounts $ 63,900 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record? • Question 4 Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using Selected Answer: FIFO will have the highest ending inventory. Correct Answer: FIFO will have the highest ending inventory. • Question 5 Which statement is incorrect? • Question 6 A revenue generally • Question 7 Bad Debt Expense is considered • Question 8 All of the following are characteristics of every accounting information system except it is a system .• Question 9 Which of the following is least likely to help a company minimize losses as credit standards are relaxed? • Question 10 At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the collections in the journal and ledger. Which of the following is the best explanation of this type of internal control principle over cash receipts? .• Question 11 A trial balance proves • Question 12 Which one of the following is not an objective of a system of internal controls? • Question 13 Receivables are • Question 14 Independent internal verification of the physical inventory process occurs when • Question 15 Dobler Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per books, 6/30 $8,400 Deposits in transit 600 Notes receivable and interest collected by bank 1,480 Bank charge for check printing 50 Outstanding checks 3,000 NSF check 280 The adjusted cash balance per books on June 30 is • Question 16 Olympus Climbers Company has the following inventory data: July 1 Beginning inventory 20 units at $19 $ 380 7 Purchases 70 units at $20 1,400 22 Purchases 10 units at $22 220 $2,000 A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is • Question 17 A merchandiser will earn an operating income of exactly $0 when • Question 18 If a company is given credit terms of 2/10, n/30, it should • Question 19 Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true? • Question 20 A company usually determines the amount of supplies used during a period by: • Question 21 All of the following are true regarding the management and monitoring of cash except • Question 22 The primary difference between accrued revenues and unearned revenues is that accrued revenues have: • Question 23 Which of these would cause the inventory turnover ratio to increase the most? • Question 24 What is an advantage of using the multiple-step income statement? • Question 25 Fehr Company sells merchandis

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