Premium Essay

Acc 551 Week One Quiz

In: Business and Management

Submitted By sxy1
Words 475
Pages 2
Points Received: | 25 / 25 (100%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 5 | 5 | | |

Grade Details - All Questions |

Question 1. | Question : | (TCO C) Intangible assets are reported on the balance sheet | | | Student Answer: | | with an accumulated depreciation account. | | | | in the property, plant, and equipment section. | | | | separately from other assets. | | | | None of the above | | Instructor Explanation: | Proper classification under U.S. GAAP. Chapter 12 | | | | Points Received: | 5 of 5 | | Comments: | | | | Question 2. | Question : | (TCO C) Which of the following is often reported as an extraordinary item? | | | Student Answer: | | Amortization expense | | | | Impairment losses for intangible assets | | | | Research and development costs | | | | None of the above | | Instructor Explanation: | None of the items qualify as extraordinary items, which are rare. Amortization, impairment losses, and research and development are normal transactions in an operating business. Chapter 12 | | | | Points Received: | 5 of 5 | | Comments: | | | | Question 3. | Question : | (TCO C) Jeff Corporation purchased a limited-life intangible asset for $120,000 on May 1, 2009. It has a useful life of 10 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2011? | | | Student Answer: | | $0 | | | | $24,000 | | | | $32,000 | | | | $36,000 | | Instructor Explanation: | ($120,000 / 10) X 2 2/3 = $32,000. Chapter 12 | | | | Points Received: | 5 of 5 | | Comments: | | | | Question 4. | Question : | (TCO C) A company acquires a patent for a drug with a remaining legal and…...

Similar Documents

Premium Essay

Week One Acc 566 Exercises

...ACC 561 Week One Class BE 1-7 Indicate which statement you would examine to find each of the following items: income statement (I), balance sheet (B), retained earnings statement (R), or statement of cash flows (C). 1. Revenue during the period. (I) 2. Supplies on hand at the end of the year. (B) 3. Cash received from issuing new bonds during the period. (C) 4. Total debts outstanding at the end of the period. (B) BE 1-8 Use the basic accounting equation to answer these questions 1. The liabilities of Cummings Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Cummings Company's total assets? $320,000 2. The total assets of Haldeman Company are $170,000 and its stockholders' equity is $90,000. What is the amount of its total liabilities? $80,000 3. The total assets of Dain Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Dain Co.'s stockholders' equity? $600,000 BE 1-9 At the beginning of the year, Fuqua Company had total assets of $800,000 and total liabilities of $500,000. 1. If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year? $530,000 2. During the year, total liabilities increased $100,000 and stockholders' equity decreased $70,000. What is the amount of total assets at the end of the year? $830,000 3. If total......

Words: 291 - Pages: 2

Premium Essay

Acc 557 Week 6 Quiz

...ACC557 week 6 QUIZ Week 6 Quiz Answers http://workbank247.com/q/acc557-week-6-quiz-ch-07-and-08/3344 Click below link for week 6 Homework Answers http://workbank247.com/q/acc-557-week-6-homework-ch-09/3342 ACC557 week 6 QUIZ CH 07 and 08 Multiple Choice Question 107   A bank statement   is a credit reference letter written by the depositor's bank.   shows the activity which increased or decreased the depositor's account balance.   is a bill from the bank for services rendered.   lets a depositor know the financial position of the bank as of a certain date. Multiple Choice Question 65    In large companies, the independent internal verification procedure is often assigned to   management.   computer operators.   internal auditors.   outside CPAs. Multiple Choice Question 104   All of the following are parties to a check except the   Federal Reserve.   maker.   bank.   payee. Multiple Choice Question 43    Internal controls are concerned with   preparing income tax returns.   safeguarding assets.   the extent of government regulations.   only manual systems of accounting. Multiple Choice Question 146   If a check correctly written and paid by the bank for $591 is incorrectly recorded on the company’s books for $519, the appropriate treatment on the bank reconciliation would be to   deduct $72 from the book’s balance.   add $72 to the book’s balance.   deduct $72 from the bank’s balance.   deduct $591......

Words: 688 - Pages: 3

Premium Essay

Uop Acc 561 Week 2 Quiz

...Profit margin • Working capital • Earnings per shar Want help? Click to download ACC 561 Week 2 Quiz 3. Current assets divided by current liabilities is known as the • capital structure. • working capital • current ratio. • profit margin. 4. Danner Corporation reported net sales of $600,000, $680,000, and $800,000 in the years 2011, 2012, and 2013, respectively. If 2011 is the base year, what percentage do 2013 sales represent of the base? • 33% • 133% • 75% • 113% Want help? Click to download ACC 561 Week 4 Quiz 5 .An analyzing financial statements, horizontal analysis is a • theory. • requirement. • tool. • principle. 6. Comparative balance sheets • are usually prepared for at least one year. • are usually prepared for at least two years. • do not show both dollar amount and percentage changes. • do not show a comparison of total stockholders' equity. Complete Answers just a click away ACC 561 Week 1 Quiz 7. Assume the following cost of goods sold data for a company: 2013 $1,500,000 2012 1,200,000 2011 1,000,000 If 2011 is the base year, what is the percentage increase in cost of goods sold from 2011 to 2013? • 50% • 67% • 150% • 20% 8. Comparisons of data within a company are an example of the following comparative basis: • Intercompany. • Interregional. • Industry averages. • Intracompany. Want help? Click to download ACC 561 Week 2 Quiz 9. The following schedule is a display of what type of......

Words: 580 - Pages: 3

Premium Essay

Uop Acc 561 Week 3 Quiz

...systems. Quiz Answers just a click away ACC 561 Week 3 Quiz 3. A process cost system would most likely be used by a company that makes • breakfast cereal. • motion pictures. • college graduation announcements. • repairs to automobiles. 4. Which of the following would be accounted for using a job order cost system? • The refining of petroleum. • The production of automobiles. • The production of personal computers. • The construction of a new campus building. Quiz Answers just a click away ACC 561 Week 1 Quiz 5.The flow of costs in a job order cost system • measures product costs for a set time period. • generally follows a LIFO cost flow assumption. • involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done. • cannot be measured until all jobs are complete. 6. The entry to record the acquisition of raw materials on account is • Raw Materials Inventory Accounts Payable • Work in Process Inventory Accounts Payable • Manufacturing Overhead Raw Materials Inventory Accounts Payable • Accounts Payable Raw Materials Inventory Want more details? Download now ACC 561 Week 5 Quiz 7. Time tickets should be approved by • the payroll department. • the audit committee. • co-workers. • the employee's supervisor. 8. The labor costs that have been identified as indirect labor should be charged to • salary expense. • manufacturing overhead. • the individual jobs worked on. • direct labor. Quiz......

Words: 940 - Pages: 4

Free Essay

Uop Acc 561 Week 5 Quiz

...more details? Download now ACC 561 Week 5 Quiz 3. Which of the following statements about budget acceptance in an organization is true? • The most widely accepted budget by the organization is the one prepared by top management. • Budgets are hardly ever accepted by anyone except top management. • The most widely accepted budget by the organization is the one prepared by the department heads. • Budgets have a greater chance of acceptance if all levels of management have provided input into the budgeting process. 4. What is budgetary control? • The process of providing information on budget differences to lower level managers • Another name for a flexible budget • The degree to which the CFO controls the budget • The use of budgets in controlling operations Quiz Answers just a click away ACC 561 Week 1 Quiz 5. The comparison of differences between actual and planned results • is done by the external auditors. • appears on the company's external financial statements. • is usually done orally in departmental meetings. • appears on periodic budget reports. 6. A static budget • should not be prepared in a company. • is useful in evaluating a manager's performance by comparing actual variable costs and planned variable costs. • shows planned results at the original budgeted activity level. • is changed only if the actual level of activity is different than originally budgeted. Want more details? Download now ACC 561 Week 5 Quiz 7. A......

Words: 615 - Pages: 3

Free Essay

Acc 401 Week 10 Quiz

...A++PAPER;http://www.homeworkproviders.com/shop/acc-401-week-10-quiz/ ACC 401 WEEK 10 QUIZ ACC 401 Week 10 Quiz, ACC 401 Week 10 Quiz – Strayer Chapter 14 Reporting for Segments and for Interim Financial Periods 1. A component of an enterprise that may earn revenues and incur expenses, and about which management evaluates separate financial information in deciding how to allocate resources and assess performance is a(n) a. identifiable segment. b. operating segment. c. reportable segment. d. industry segment. 2. An entity is permitted to aggregate operating segments if the segments are similar regarding the a. nature of the production processes. b. types or class of customers. c. methods used to distribute products or provide services. d. all of these. 3. Which of the following is not a segment asset of an operating segment? a. Assets used jointly by more than one segment. b. Assets directly associated with a segment. c. Assets maintained for general corporate purposes. d. Assets used exclusively by a segment. 4. SFAS No. 131 requires the disclosure of information on an enterprise's operations in different industries for 1. each annual period presented. 2. each interim period presented. 3. the current period only. a. 1 b. 2 c. 3 d. both 1 and 2 5. Which of the following is not required to be disclosed by SFAS No. 131? a. Information concerning the enterprise's products. b.......

Words: 2415 - Pages: 10

Premium Essay

Acc 401 Week 3 Quiz

...A++PAPER;http://www.homeworkproviders.com/shop/acc-401-week-3-quiz/ ACC 401 WEEK 3 QUIZ ACC 401 Week 3 Quiz, ACC 401 Week 3 Quiz - Strayer Chapter 3 Consolidated Financial Statements—Date of Acquisition Multiple Choice 1. A majority-owned subsidiary that is in legal reorganization should normally be accounted for using a. consolidated financial statements. b. the equity method. c. the market value method. d. the cost method. 2. Under the acquisition method, indirect costs relating to acquisitions should be a. included in the investment cost. b. expensed as incurred. c. deducted from other contributed capital. d. none of these. 3. Eliminating entries are made to cancel the effects of intercompany transactions and are made on the a. books of the parent company. b. books of the subsidiary company. c. workpaper only. d. books of both the parent company and the subsidiary. 4. One reason a parent company may pay an amount less than the book value of the subsidiary's stock acquired is a. an undervaluation of the subsidiary's assets. b. the existence of unrecorded goodwill. c. an overvaluation of the subsidiary's liabilities. d. none of these. 5. In a business combination accounted for as an acquisition, registration costs related to common stock issued by the parent company are a. expensed as incurred. b. deducted from other contributed capital. c. included in the investment cost. d.......

Words: 1330 - Pages: 6

Premium Essay

Acc 401 Week 4 Quiz

...A++PAPER;http://www.homeworkproviders.com/shop/acc-401-week-4-quiz/ ACC 401 WEEK 4 QUIZ ACC 401 Week 4 Quiz, Chapter 4 Consolidated Financial Statements after Acquisition 1. An investor adjusts the investment account for the amortization of any difference between cost and book value under the a. cost method. b. complete equity method. c. partial equity method. d. complete and partial equity methods. 2. Under the partial equity method, the entry to eliminate subsidiary income and dividends includes a debit to a. Dividend Income. b. Dividends Declared - S Company. c. Equity in Subsidiary Income. d. Retained Earnings - S Company. 3. On the consolidated statement of cash flows, the parent’s acquisition of additional shares of the subsidiary’s stock directly from the subsidiary is reported as a. an investing activity. b. a financing activity. c. an operating activity. d. none of these. 4. Under the cost method, the workpaper entry to establish reciprocity a. debits Retained Earnings - S Company. b. credits Retained Earnings - S Company. c. debits Retained Earnings - P Company. d. credits Retained Earnings - P Company. 5. Under the cost method, the investment account is reduced when a. there is a liquidating dividend. b. the subsidiary declares a cash dividend. c. the subsidiary incurs a net loss. d. none of these. 6. The parent company records its share of a subsidiary’s income by a.......

Words: 2146 - Pages: 9

Premium Essay

Acc 401 Week 7 Quiz

...A++PAPER;http://www.homeworkproviders.com/shop/acc-401-week-7-quiz/ ACC 401 WEEK 7 QUIZ ACC 401 Week 7 Quiz, ACC 401 Week 7 Quiz – Strayer Chapter 8 Changes in Ownership Interest Multiple Choice 1. When the parent company sells a portion of its investment in a subsidiary, the workpaper entry to adjust for the current year’s income sold to noncontrolling stockholders includes a a. debit to Subsidiary Income Sold. b. debit to Equity in Subsidiary Income. c. credit to Equity in Subsidiary Income. d. credit to Subsidiary Income Sold. 2. A parent company may increase its ownership interest in a subsidiary by a. buying additional subsidiary shares from third parties. b. buying additional subsidiary shares from the subsidiary. c. having the subsidiary purchase its shares from third parties. d. all of these. 3. If a portion of an investment is sold, the value of the shares sold is determined by using the: 1. first-in, first-out method. 2. average cost method. 3. specific identification method. a. 1 b. 2 c. 3 d. 1 and 3 4. If a parent company acquires additional shares of its subsidiary’s stock directly from the subsidiary for a price less than their book value: 1. total noncontrolling book value interest increases. 2. the controlling book value interest increases. 3. the controlling book value interest decreases. a. 1 b. 2 c. 3 d. 1 and 3 5. If a subsidiary issues new shares of its......

Words: 1960 - Pages: 8

Premium Essay

Acc 401 Week 8 Quiz

...A++PAPER;http://www.homeworkproviders.com/shop/acc-401-week-8-quiz/ ACC 401 WEEK 8 QUIZ ACC 401 Week 8 Quiz, ACC 401 Week 8 Quiz - Strayer Chapter 11 International Financial Reporting Standards Multiple Choice—Conceptual 1. The goals of the International Accounting Standards Committee include all of the following except a. To improve international accounting. b. To formulate a single set of auditing standards to be applied in all countries. c. To promote global acceptance of its standards. d. To harmonize accounting practices between countries. 2. Which of the following is true about the FASB after the mandatory adoption of IFRS by US companies? a. The FASB will serve in an advisory capacity to the IASB. b. The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP. c. The role of the FASB post-IFRS adoption has not been determined. d. The FASB will cease to exist. 3. Milestones in the transition plan for mandatory adoption of IFRS by US companies include all of the following except: a. Improvements in accounting standards. b. Limited early adoption of IFRS in an effort to enhance comparability for US investors c. Mandatory use of IFRS by US entities. d. All of the above are milestones in the transition plan for mandatory adoption of IFRS by US companies. 4. The roles of the IASC Foundation include a. establishing global standards for financial reporting. b. coordinating the filing......

Words: 4711 - Pages: 19

Premium Essay

Acc 401 Week 07 Quiz

...ACC 401 WEEK 07 QUIZ A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-07-quiz Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 401 Week 7 Quiz, ACC 401 Week 7 Quiz – Strayer Chapter 8 Changes in Ownership Interest Multiple Choice 1. When the parent company sells a portion of its investment in a subsidiary, the workpaper entry to adjust for the current year’s income sold to noncontrolling stockholders includes a a. debit to Subsidiary Income Sold. b. debit to Equity in Subsidiary Income. c. credit to Equity in Subsidiary Income. d. credit to Subsidiary Income Sold. 2. A parent company may increase its ownership interest in a subsidiary by a. buying additional subsidiary shares from third parties. b. buying additional subsidiary shares from the subsidiary. c. having the subsidiary purchase its shares from third parties. d. all of these. 3. If a portion of an investment is sold, the value of the shares sold is determined by using the: 1. first-in, first-out method. 2. average cost method. 3. specific identification method. a. 1 b. 2 c. 3 d. 1 and 3 4. If a parent company acquires additional shares of its subsidiary’s stock directly from the subsidiary for a price less than their book value: 1. total noncontrolling book value interest increases. 2. the controlling book value interest increases. 3. the controlling book value interest decreases. a. 1 b. 2 c. 3 d. 1 and 3 5. If a......

Words: 1970 - Pages: 8

Free Essay

Acc 401 Week 10 Quiz

...ACC 401 WEEK 10 QUIZ A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-10-quiz Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 401 Week 10 Quiz, ACC 401 Week 10 Quiz – Strayer Chapter 14 Reporting for Segments and for Interim Financial Periods 1. A component of an enterprise that may earn revenues and incur expenses, and about which management evaluates separate financial information in deciding how to allocate resources and assess performance is a(n) a. identifiable segment. b. operating segment. c. reportable segment. d. industry segment. 2. An entity is permitted to aggregate operating segments if the segments are similar regarding the a. nature of the production processes. b. types or class of customers. c. methods used to distribute products or provide services. d. all of these. 3. Which of the following is not a segment asset of an operating segment? a. Assets used jointly by more than one segment. b. Assets directly associated with a segment. c. Assets maintained for general corporate purposes. d. Assets used exclusively by a segment. 4. SFAS No. 131 requires the disclosure of information on an enterprise’s operations in different industries for 1. each annual period presented. 2. each interim period presented. 3. the current period only. a. 1 b. 2 c. 3 d. both 1 and 2 5. Which of the following is not required to be disclosed by SFAS No. 131? a. Information concerning......

Words: 2426 - Pages: 10

Premium Essay

Acc 401 Week 03 Quiz

...ACC 401 WEEK 03 QUIZ A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-03-quiz Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 401 Week 3 Quiz, ACC 401 Week 3 Quiz – Strayer Chapter 3 Consolidated Financial Statements—Date of Acquisition Multiple Choice 1. A majority-owned subsidiary that is in legal reorganization should normally be accounted for using a. consolidated financial statements. b. the equity method. c. the market value method. d. the cost method. 2. Under the acquisition method, indirect costs relating to acquisitions should be a. included in the investment cost. b. expensed as incurred. c. deducted from other contributed capital. d. none of these. 3. Eliminating entries are made to cancel the effects of intercompany transactions and are made on the a. books of the parent company. b. books of the subsidiary company. c. workpaper only. d. books of both the parent company and the subsidiary. 4. One reason a parent company may pay an amount less than the book value of the subsidiary’s stock acquired is a. an undervaluation of the subsidiary’s assets. b. the existence of unrecorded goodwill. c. an overvaluation of the subsidiary’s liabilities. d. none of these. 5. In a business combination accounted for as an acquisition, registration costs related to common stock issued by the parent company are a. expensed as incurred. b. deducted from other contributed capital. c....

Words: 1343 - Pages: 6

Premium Essay

Acc 401 Week 04 Quiz

...ACC 401 WEEK 04 QUIZ A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-04-quiz Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 401 Week 4 Quiz, Chapter 4 Consolidated Financial Statements after Acquisition 1. An investor adjusts the investment account for the amortization of any difference between cost and book value under the a. cost method. b. complete equity method. c. partial equity method. d. complete and partial equity methods. 2. Under the partial equity method, the entry to eliminate subsidiary income and dividends includes a debit to a. Dividend Income. b. Dividends Declared – S Company. c. Equity in Subsidiary Income. d. Retained Earnings – S Company. 3. On the consolidated statement of cash flows, the parent’s acquisition of additional shares of the subsidiary’s stock directly from the subsidiary is reported as a. an investing activity. b. a financing activity. c. an operating activity. d. none of these. 4. Under the cost method, the workpaper entry to establish reciprocity a. debits Retained Earnings – S Company. b. credits Retained Earnings – S Company. c. debits Retained Earnings – P Company. d. credits Retained Earnings – P Company. 5. Under the cost method, the investment account is reduced when a. there is a liquidating dividend. b. the subsidiary declares a cash dividend. c. the subsidiary incurs a net loss. d. none of these. 6. The parent company records......

Words: 2157 - Pages: 9

Premium Essay

Acc 401 Week 08 Quiz

...ACC 401 WEEK 08 QUIZ A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-08-quiz Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 401 Week 8 Quiz, ACC 401 Week 8 Quiz – Strayer Chapter 11 International Financial Reporting Standards Multiple Choice—Conceptual 1. The goals of the International Accounting Standards Committee include all of the following except a. To improve international accounting. b. To formulate a single set of auditing standards to be applied in all countries. c. To promote global acceptance of its standards. d. To harmonize accounting practices between countries. 2. Which of the following is true about the FASB after the mandatory adoption of IFRS by US companies? a. The FASB will serve in an advisory capacity to the IASB. b. The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP. c. The role of the FASB post-IFRS adoption has not been determined. d. The FASB will cease to exist. 3. Milestones in the transition plan for mandatory adoption of IFRS by US companies include all of the following except: a. Improvements in accounting standards. b. Limited early adoption of IFRS in an effort to enhance comparability for US investors c. Mandatory use of IFRS by US entities. d. All of the above are milestones in the transition plan for mandatory adoption of IFRS by US companies. 4. The roles of the IASC Foundation include a.......

Words: 4721 - Pages: 19