Category Archives: ACC 557

STRAYER ACC 557 All Assignments, Wileyplus and Quizzes recent

STRAYER ACC 557 All Assignments, Wileyplus and Quizzes recent

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ACC 557 Week 3 Assignment 1 Review of Accounting Ethics (2 Paper)

ACC 557 Week 6 Assignment 2 You Are an Entrepreneur! (2 Paper)

ACC 557 Week 10 Assignment 3 You Are an Investment Analyst (2 Papers)
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ACC 557 Week 3 Assignment 1 Review of Accounting Ethics (2 Paper)

ACC 557 Week 6 Assignment 2 You Are an Entrepreneur! (2 Paper)

ACC 557 Week 10 Assignment 3 You Are an Investment Analyst (2 Papers)

ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A)

ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A)

ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A)

ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A)

ACC 557 Week 4 Chapter 6 (E6-1,E6-10,E6-14,P6-3A)

ACC 557 Week 5 Chapter 7 (E7-5 E7-7 E7-14 P7-3A)

ACC 557 Week 5, Chapter 8 (E8-3, E8-5, E8-14, P8-7A)

ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)

ACC 557 Week 6 Chapter 10 (E10-9, E10-12, E10-15, P10-1A)

ACC 557 Week 7 Chapter 11 (E11-7, E11-13, E11-17, P11-3A)

ACC 557 Week 8 Chapter 12 (E12-7, E12-8, E12-12, P12-2A)

ACC 557 Week 9 Chapter 13 (E13-3, E13-4, E13-6, P13-3A)

ACC 557 Week 10 Chapter 14 (E14-3, E14-4, E14-13, P14-6A)

ACC 557 Week 2 Chapter 1 Quiz (all possible questions)
ACC 557 Week 3 Chapter 2 and Chapter 3 Quiz (all possible questions)

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

ACC 557 Week 5 Chapter 5 Quiz (all possible questions)

ACC 557 Week 5 Chapter 6 Quiz (all possible questions)

ACC 557 Week 6 Chapter 7 and 8 Quiz (all possible questions)

ACC 557 Week 7 Chapter 9 and Chapter 10 Quiz (all possible questions)

ACC 557 Week 8 Chapter 11 Quiz (all possible questions)

ACC 557 Week 9 Chapter 12 Quiz (all possible questions
)
ACC 557 Week 10 Chapter 13 Quiz (all possible questions)

ACC 557 Week 11 Chapter 14 Quiz (all possible questions)

 

 

STRAYER ACC 557 Midterm Part 1 recent

STRAYER ACC 557 Midterm Part 1 recent

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Question 1

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

Question 2

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

 

Question 3

The most efficient way to accomplish closing entries is to

 

Question 4

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

 

Question 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:

 

Question 6

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

Question 7

The purpose of the post-closing trial balance is to

 

Question 8

The first step in posting involves

 

Question 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

 

Question 10

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

 

Question 11

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

Question 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

 

Question 13

Transactions in a journal are recorded in

 

Question 14

The final step in solving an ethical dilemma is to

Question 15

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

Question 16

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

Question 17

Retained earnings at the end of the period is equal to

 

Question 18

A basic assumption of accounting assumes that the dollar is

Question 19

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

Question 20

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

Question 21

Which of the statements below is not true?

Question 22

Which of the following statements is nottrue?

Question 23

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

Question 24

Accounts often need to be adjusted because

Question 25

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

 

STRAYER ACC 557 Week 1 Chapter 1 (E1-4, E1-7, E1-11, P1-2A) recent

STRAYER ACC 557 Week 1 Chapter 1 (E1-4, E1-7, E1-11, P1-2A) recent

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ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A)

E1-4 : The following situations involve accounting principles and assumptions.
For each of the three situations, state if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated………..
E1-7 : Collins Computer Timeshare Company entered into the following transactions during May 2014.
Describe the effect of each transaction on assets, liabilities, and stockholder’s equity……….
 E1-11 :Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises.
Determine the missing amounts………..
P1- 2A:  On August 31, the balance sheet of Donahue Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred………………….

 

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

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

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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 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A) recent

STRAYER ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A) recent

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ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A)

E2-6 : Elvira Industries had the following transactions.

a) Indicate what accounts are increased and decreased by each transaction…………

b) Journalize each transaction………….

E2-9 : Selected transaction from the journal of Robert Mendez, investment broker, are presented below:

a) Post transactions to T accounts…………

b) Prepare a trial balance at August 31, 2014…………

E2-11 : Presented below is the ledger for sparks Co. …………

a) Reproduce the journal entries for the transactions that occurred on October…………

b) Determine the October 31 balance for each of the accounts above…………

P2-2A : Kara shin is a licensed CPA. During the first month of operations of her business, Kara Shin, Inc., the following events and transaction occurred.

a) Journalize the transactions…………

b) Post to ledger accounts…………

c) Prepare a trial balance on May 31, 2014…………

 

STRAYER ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A) recent

STRAYER ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A) recent

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ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A)

E3-6 : Orwell company accumulates the following adjustment data at December 31

a) The type of adjustment …………

b) The status of accounts before adjustment…………

E3-7 : The ledger of Villa Rental Agency on march 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. …………

An analysis of the accounts shows the following. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.

E3-11 : A partial adjusted trial balance of Ruiz Company at January 31, 2014, shows the following. …………

a) If the amount in Supplies Expense is the January 31 adjusting entry, and $670 of supplies was purchased in January, what was the balance in Supplies on January 1? …………

b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? …………

c) If $3,300 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013? …………

P3-2A : Lazy River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.

a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. …………

b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries…………

c) Prepare an adjusted trial balance on August 31. …………

d) Prepare an income statement for the 3 months ending August 31. …………

e) Prepare a retained earnings statement for the 3 months ending August 31…………

f) Prepare a balance sheet as of August 31…………

 

STRAYER ACC 557 Week 3 Assignment 1Review of Accounting Ethics (2 Paper) recent

STRAYER ACC 557 Week 3 Assignment 1Review of Accounting Ethics (2 Paper) recent

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This Tutorial contains 2 Different Papers

Many organizations have been in the recents over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Search the Internet or the Strayer Library to locate a story in the recents that depicts an accounting ethical breach. You may select from any type of organization about which you have information or a curiosity.

Write a four to five (4-5) page paper in which you:

• Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer.

• Based on your research, describe the organization, the accounting ethical breach and the impact to the organization related to ethical breach.

• Determine how the organizational ethical issue was detected and how management failed to create an ethical environment.

• Analyze the accounts impacted and / or accounting guidelines violated and the resulting impact to the business operation.

• As a CFO, recommend which measures could have been taken to prevent this ethical breach and how each measure should be implemented in the future.

• Use at least FIVE (5) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.

• PLEASE make sure to include in-text citation and reference as well. (Really improtant)

 

Your assignment must follow these formatting requirements:

1. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

2. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

 

STRAYER ACC 557 Week 3 Chapter 2 and Chapter 3 Quiz (all possible questions) recent

STRAYER ACC 557 Week 3 Chapter 2 and Chapter 3 Quiz (all possible questions) recent

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ACC 557 Week 3 Chapter 2 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
Multiple Choice Question 103
Transactions in a journal are recorded in
alphabetical order.
dollar amount order.
chronological order.
account number order.
Multiple Choice Question 70
In the first month of operations, the total of the debit entries to the cash account amounted to $900 and the total of the credit entries to the cash account amounted to $600. The cash account has a(n)
$300 credit balance.
$900 debit balance.
$600 credit balance.
$300 debit balance.
Multiple Choice Question 61
Which of the following statements is true?
Credits decrease assets and decrease liabilities.
Debits increase assets and increase liabilities.
Credits decrease assets and increase liabilities.
Debits decrease liabilities and decrease assets
Multiple Choice Question 95
The final step in the recording process is to transfer the journal information to the
trial balance.
financial statements.
ledger.
file cabinets.
Multiple Choice Question 88
The usual sequence of steps in the transaction recording process is:
analyze→ journal → ledger.
journal→ ledger → analyze.
ledger→ journal → analyze.
journal→ analyze → ledger.
Multiple Choice Question 50
Which one of the following represents the expanded basic accounting equation?
+ Common Stock + Retained Earnings + Dividends – Revenue – Expenses.
Assets + Dividends + + Common Stock + Retained Earnings + Revenues.
Assets – Liabilities – Stock + Retained Earnings + Revenues – Expenses.
+ Expenses – Liabilities.
Multiple Choice Question 133
A trial balance may balance even when each of the following occurs except when
a transposition error is made.
a journal entry is posted twice.
incorrect accounts are used in journalizing.
a transaction is not journalized.
Multiple Choice Question 43
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.
Multiple Choice Question 87
Which of the following reflect the balances of prepayment accounts prior to adjustment?
Balance sheet accounts are understated and income statement accounts are understated.
Balance sheet accounts are overstated and income statement accounts are overstated.
Balance sheet accounts are understated and income statement accounts are overstated.
Balance sheet accounts are overstated and income statement accounts are understated.
Multiple Choice Question 67
Crue Company had the following transactions during 2013:
• Sales of $4,500 on account
• Collected $2,000 for services to be performed in 2014
• Paid $1,625 cash in salaries
• Purchased airline tickets for $250 in December for a trip to take place in 2014
What is Crue’s 2013 net income using cash basis accounting?
$375.
$4,875.
$4,625.
$125.
Multiple Choice Question 64
Which statement is correct?
The cash basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received.
As long as management is ethical, there are no problems with using the cash basis of accounting.
As long as a company consistently uses the cash basis of accounting, generally accepted accounting principles allow its use.
The use of the cash basis of accounting violates both the revenue recognition and expense recognition principles.
Multiple Choice Question 61
Under accrual-basis accounting
net income is calculated by matching cash outflows against cash inflows.
the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles.
cash must be received before revenue is recognized.
events that change a company’s financial statements are recognized in the period they occur rather than in the period in which cash is paid or received.
Multiple Choice Question 165
Expenses paid and recorded as assets before they are used are called
accrued expenses.
interim expenses.
prepaid expenses.
unearned expenses.
Multiple Choice Question 152
The adjusted trial balance is prepared
after financial statements are prepared.
after adjusting entries have been journalized and posted.
before the trial balance.
to prove the equality of total assets and total liabilities
Multiple Choice Question 45
Management usually desires ________ financial statements and the IRS requires all businesses to file _________ tax returns.
quarterly, monthly
monthly, annual
monthly, monthly
annual, annual

 

 

STRAYER ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A) recent

STRAYER ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A) recent

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ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A)

E4-1 : The trial balance column of the worksheet for Cajon company at June 30, 2014…………

E4-5 : The adjustments columns of the worksheet for Munoz Company are shown below. …………

a) Prepare adjusting entries in order presented in the problem. …………

b) Indicate with an “X” the financial statement column to which each balance should be extended. …………

E4-7 : Lanza Company had the following adjusted trial balance…………

a) Prepare closing entries at june 30, 2014…………

b) Prepare post-closing trial balance…………

E4-13: Kogan company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. …………

a) Prepare a complete worksheet…………

b) Prepare a classified balance sheet…………

c) Journalize the adjusting entries using the worksheet as a basis…………

d) Journalize the closing entries using the worksheet as a basis…………

e) Prepare a post-closing trial balance…………

 

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

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

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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.