11 May 2016
Equipment is classified in the balance sheet as
- a current asset.
- property, plant, and equipment.
- an intangible asset.
- a long-term investment.
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.
The first required step in the accounting cycle is
- reversing entries.
- journalizing transactions in the book of original entry.
- analyzing transactions.
- posting transactions.
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.
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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 reference.
All of the following are property, plant, and equipment except
The operating cycle of a company is the average time that is required to go from cash to
- sales in producing revenues.
- cash in producing revenues.
- inventory in producing revenues.
- accounts receivable in producing revenues.
An accounting time period that is one year in length, but does not begin on January 1, is referred to as
- a fiscal year.
- an interim period.
- the time period assumption.
- a reporting period.
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Mary Chain Investments purchased an 18-month insurance policy on May 31, 2015 for $3,600. The December 31, 2015 balance sheet would report Prepaid Insurance of
- $0 because Prepaid Insurance is reported on the Income Statement.
A company usually determines the amount of supplies used during a period by
- adding the supplies on hand to the balance of the Supplies account.
- summing the amount of supplies purchased during the period.
- taking the difference between the supplies purchased and the supplies paid for during the period.
- taking the difference between the balance of the Supplies account and the cost of supplies on hand.
Depreciation expense for a period is the
- original cost of an asset – accumulated depreciation.
- book value of the asset ÷ useful life.
- portion of an asset’s cost that expired during the period.
- market value of the asset ÷ useful life.
If an adjusting entry is not made for an accrued revenue,
- assets will be overstated.
- expenses will be understated.
- stockholders’ equity will be understated.
- revenues will be overstated.
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NWA Air Charter signed a four-month note payable in the amount of $20,000 on September 1. The note requires interest at an annual rate of 9%. The amount of interest to be accrued at the end of September is
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
- $525 debit.
- $975 debit.
- $525 credit.
- $775 debit.
Which of the following statements is false?
- Revenues increase stockholders’ equity.
- Revenues have normal credit balances.
- Revenues are a positive factor in the computation of net income.
- Revenues are increased by debits.
The first step in posting involves
- entering in the appropriate ledger account the date, journal page, and debit amount shown in the journal.
- writing in the journal the account number to which the debit amount was posted.
- writing in the journal the account number to which the credit amount was posted.
- entering in the appropriate ledger account the date, journal page, and credit amount shown in the journal.
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Transactions in a journal are recorded in
- account number order.
- dollar amount order.
- alphabetical order.
- chronological order.
An accountant has debited an asset account for $1,300 and credited a liability account for $500. Which of the following would be an incorrect way to complete the recording of the transaction?
- Credit an asset account for $800.
- Credit another liability account for $800.
- Credit a Stockholders' account for $800.
- Debit a Stockholders' account for $800.
A T-account is
- a way of depicting the basic form of an account.
- what the computer uses to organize bytes of information.
- a special account used instead of a trial balance.
- used for accounts that have both a debit and credit balance.
Collection of a $1,000 Accounts Receivable
- increases an asset $1,000; decreases an asset $1,000.
- increases an asset $1,000; decreases a liability $1,000.
- decreases a liability $1,000; increases stockholders' equity $1,000.
- decreases an asset $1,000; decreases a liability $1,000.
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Mofro’s Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Mofro paid dividends of $50,000. Stockholders' equity at the end of the year was
The proprietorship form of business organization
- must have at least three owners in most states.
- represents the largest number of businesses in the United States.
- combines the records of the business with the personal records of the owner.
- is characterized by a legal distinction between the business as an economic unit and the owner.
The basic accounting equation may be expressed as
- Assets = Equities.
- Assets – Liabilities = Stockholders' Equity.
- Assets = Liabilities + Stockholders' Equity.
- All of these answers are correct.
The Duce Company has five plants nationwide that cost a total of $100 million. The current fair value of the plants is $500 million. The plants will be recorded and reported as assets at
- $100 million.
- $400 million.
- $500 million.
- $600 million.
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The accounting equation for Quattro Enterprises is as follows:
Assets Liabilities Stockholders' Equity
$120,000 = $60,000 + $60,000
If Quattro purchases office equipment on account for $25,000, the accounting equation will change to
Assets Liabilties Stockholders' Equity
- $120,000 = $60,000 + $60,000
- $145,000 = $60,000 + $85,000
- $145,000 = $72,500 + $72,500
- $145,000 = $85,000 + $60,000
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