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ACC 557 Midterm Exam Part 1

Lay the ground work with ACC 557 Midterm Exam Part 1 Question With Answers and make your year remarkable.

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ACC 557 Midterm Exam Part 1

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  1. ACC 557 Midterm Exam Part 1 By :- http://www.uopeassignments.com/ Copyright All Rights Reserved By www.uopeassignments.com

  2. Question 1 • Equipment is classified in the balance sheet as • a current asset. • property, plant, and equipment. • an intangible asset. • a long-term investment. • Question 2 • 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. Copyright All Rights Reserved By www.uopeassignments.com

  3. Question 3 • The first required step in the accounting cycle is • reversing entries. • journalizing transactions in the book of original entry. • analyzing transactions. • posting transactions. • Question 4 • 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. • Want to see the ACC 557 click here ACC 557 Copyright All Rights Reserved By www.uopeassignments.com

  4. Question 5 • 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. • Question 6 • All of the following are property, plant, and equipment except • supplies. • machinery. • land. • buildings. Copyright All Rights Reserved By www.uopeassignments.com

  5. Question 7 • 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. • Question 8 • 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. • Download complete answers of ACC 557 Midterm Exam Part 2 Copyright All Rights Reserved By www.uopeassignments.com

  6. Question 9 • 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. • $1,400. • $2,200. • $3,600. • Question 10 • 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. Copyright All Rights Reserved By www.uopeassignments.com

  7. Question 11 • 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. • Question 12 • 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. • Mid-Exam Study GuideACC 557 Midterm Exam Copyright All Rights Reserved By www.uopeassignments.com

  8. Question 13 • 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 • $150. • $200. • $600. • $1,800. • Question 14 • 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. Copyright All Rights Reserved By www.uopeassignments.com

  9. Question 15 • 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. • Question 16 • 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. • Want to download ACC 557 midterm exam part 1….?? Click ACC 557 MIDTERM EXAM PART 1 Copyright All Rights Reserved By www.uopeassignments.com

  10. Question 17 • Transactions in a journal are recorded in • account number order. • dollar amount order. • alphabetical order. • chronological order. • Question 18 • 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. Copyright All Rights Reserved By www.uopeassignments.com

  11. Question 19 • 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. • Question 20 • 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. • Click here to download the complete Study Guide of ACC 557 Copyright All Rights Reserved By www.uopeassignments.com

  12. Question 21 • 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 • $200,000. • $100,000. • $250,000. • $300,000. • Question 22 • 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. Copyright All Rights Reserved By www.uopeassignments.com

  13. Question 23 • The basic accounting equation may be expressed as • Assets = Equities. • Assets – Liabilities = Stockholders' Equity. • Assets = Liabilities + Stockholders' Equity. • All of these answers are correct. • Question 24 • 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. • Want ACC 557 midterm exam part 1 click here to download ACC 557 Midterm Exam Part 1 Copyright All Rights Reserved By www.uopeassignments.com

  14. Question 25 • 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 Liabilities 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 Copyright All Rights Reserved By www.uopeassignments.com

  15. About Author: This article covers the topic for the Strayed University ACC 557 Midterm Exam Part 1. The author is working in the field of education from last 5 years. This article covers the questions & answers of ACC 557 . Other topics in the class are as follows: ACC 557 Week 1 DQ 1 ACC 557 Week 1 Homework ACC 557 Week 1 Complete ACC 557 Midterm Exam Part 1 ACC 557 Midterm Exam Part 2 Want to check other classes..?? Visit http://www.uopeassignments.com/ Copyright All Rights Reserved By www.uopeassignments.com

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