STRAYER ACC 557 Week 2 Chapter 1 Quiz (all possible questions) NEW

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ACC 557 Week 2 Chapter 1 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)
SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1-  The United States and the international standard-setting environment are primarily driven by meeting the needs of
tax authorities.
investors and creditors.
academic researchers.
central government planners
2-   
-  If the retained earnings account increases from the beginning of the year to the end of the year, then
net income is less than dividends.
a net loss is less than dividends.
the company must have sold stock.
net income is greater than dividends
3-   
-If an individual asset is increased, then
there must be an equal decrease in a specific liability.
there must be an equal decrease in stockholders’ equity.
there must be an equal decrease in another asset.
any of these is possible
4-The accounting process is correctly sequenced as
identification, recording, communication.
recording, communication, identification.
communication, recording, identification.
identification, communication, recording.
4-  If total assets equal $345,000 and total stockholders’ equity equal $120,000, then total liabilities must equal
$465,000.
There is not enough information given to determine this.
$225,000.
$120,000.
6-Liabilities of a company would not include
notes payable.
salaries and wages payable.
accounts payable.
cash.
7- Bright Eyes Downtown Diner received a bill of $600 from the Jronand Wine Advertising Agency. The owner, A. A. Bondy, is postponing payment of the bill until a later date. The effect on specific items in the basic accounting equation is
a decrease in Accounts Payable and an increase in Retained Earnings.
a decrease in Cash and an increase in Retained Earnings.
a decrease in Cash and an increase in Accounts Payable.
an increase in Accounts Payable and a decrease in Retained Earnings.
8-Net income results when
Revenues > Expenses.
Revenues < Expenses.
Assets > Liabilities.
9- Liabilities of a company are owed to
underwriters.
creditors.
debtors.
benefactors.
10- At October 1, Arcade Fire Enterprises reported stockholders’ equity of $35,000. During October, common stock of $2,000 was issued and the company earned net income of $7,000. If stockholders’ equity at October 31 totals $40,000, what amount of dividends were paid during the month?
$2,000
$4,000
$5,000
$0
11 -Ethics are the standards of conduct by which one’s actions are judged as
all of these.
honest or dishonest.
right or wrong.
fair or unfair.
12- Which of the following is not a reason one set of international accounting standards are needed?
multinational corporations
mergers and acquisitions
information technology
all of these are reasons one set of international accounting standards are needed.
13-Stockholders’ equity is decreased by all of the following except
expenses.
dividends.
sales of stock.
net losses.
14-The concern about international companies adopting SOX-type standards centers on
the governing authorities.
comparability.
cost-benefit analysis.
ethics issues.
15- The private sector organization involved in developing accounting principles is the
Financial Accounting Standards Board.
Financial Auditors’ Standards Body.
Feasible Accounting Standards Body.
Financial Accounting Studies Board

STRAYER ACC 557 Week 4 Chapter 4 Quiz (all possible questions) NEW

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ACC 557 Week 4 Chapter 4 Quiz (all possible questions)

This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS

1)  A correcting entry
is another name for a closing entry.
may involve any combination of accounts.
is a required step in the accounting cycle.
must involve one balance sheet account and one income statement account
2)  A double rule applied to accounts in the ledger during the closing process implies that
the account balance is not zero.
a mistake has been made, since double ruling is prescribed.
the account is a temporary account.
the account is a balance sheet account
3)  The first required step in the accounting cycle is
posting transactions.
reversing entries.
journalizing transactions in the book of original entry.
analyzing transactions.
4)  Which of the following steps in the accounting cycle would not generally be performed daily?
Analyze business transactions.
Prepare adjusting entries.
Journalize transactions.
Post to ledger accounts
5)  All of the following statements about the post-closing trial balance are correct except it contains only permanent accounts.
shows that the accounting equation is in balance.
provides evidence that the journalizing and posting of closing entries have been properly completed.
proves that all transactions have been recorded
6)  IFRS requires the use of
neither balance sheet nor statement of financial position, but recommends use of the term balance sheet.
the term statement of financial position.
neither balance sheet nor statement of financial position, but recommends use of the term statement of financial position.
the term balance sheet.
7)  Under IFRS and under GAAP, current assets are listed in
IFRS  GAAP
reverse order of liquidity  reverse order of liquidity
reverse order of liquidity  order of liquidity
order of liquidity  reverse order of liquidity
order of liquidity  order of liquidity
8)  post-closing trial balance should be prepared
after closing entries are posted to the ledger accounts.
before adjusting entries are posted to the ledger accounts.
before closing entries are posted to the ledger accounts.
only if an error in the accounts is detected
9)  In preparing closing entries
each expense account will be credited.
each revenue account will be credited.
the dividends account will be debited.
the dividends account will be debited if there is net income for the period
10)  Intangible assets are
listed as a long-term investment on the balance sheet.
listed under current assets on the balance sheet.
not listed on the balance sheet because they do not have physical substance.
long-lived assets that are often very valuable
11)  Correcting entries are made
after closing entries.
at the beginning of an accounting period.
at the end of an accounting period.
whenever an error is discovered
12)  Income Summary has a credit balance of $17,000 after closing revenues and expenses. The entry to close Income Summary is
credit Income Summary $17,000, debit Retained Earnings $17,000.
debit Income Summary $17,000, credit Dividends $17,000.
credit Income Summary $17,000, debit Dividends $17,000.
debit Income Summary $17,000, credit Retained Earnings $17,000
13)  IFRS
requires a specific format for the balance sheet (statement of financial position) that is identical to U.S. GAAP.
requires a specific format for the balance sheet (statement of financial position) that is different from U.S. GAAP.
requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement in a different format from U.S. GAAP.
requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement identical to U.S. GAAP.
14)  Each of the following accounts is closed to Income Summary except
All of these are closed to Income Summary.
Expenses.
Dividends.
Revenue
15)  The account, Supplies, will appear in the following debit columns of the worksheet.
Trial balance.
Adjusted trial balance.
Balance sheet.
All of these.