1. ACC 556 ASSIST Future Our Mission/acc556assist.com

2. ACC 556 ASSIST Future Our Mission/acc556assist.com
ACC 556 All Chapter Quizzes
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Please check the details of Quizzes given under our product section individually (all questions are mentioned there)
 ACC 556 Chapter 1 Quiz (100% Score) ACC 556 Chapter 2 Quiz (100% Score) ACC 556 Chapter 3 Quiz (100% Score) ACC 556 Chapter 4 Quiz (100% Score) ACC 556 Chapter 5 Quiz (100% Score) ACC 556 Chapter 6 Quiz (100% Score) ACC 556 Chapter 7 Quiz (100% Score)

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ACC 556 Chapter 1 Quiz (100% Score)
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Chapter 1 Quiz
Question 1
A business organized as a separate legal entity owned by stockholders is a partnership.
Question 2 
Accounting communicates financial information about a business to both internal and external users.
Question 3 
The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash

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ACC 556 Chapter 2 Quiz (100% Score)
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Chapter 2 Quiz
Question 1 
Cash and supplies are both classified as current assets.
Question 2 
Earnings per share measures the net income earned on each share of common stock.
Question 3 
Net cash provided by operating activities takes into account that a company must invest in capital expenditures

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ACC 556 Chapter 3 Quiz (100% Score)
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Chapter 3 Quiz
· Question 1
Economic events that require recording in the financial statements are called accounting transactions
· Question 2
An account is often referred to as a T-account because of the way it is constructed.
· Question 3
Revenues are a subdivision of stockholders’ equity.

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ACC 556 Chapter 4 Quiz (100% Score)
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Chapter 4 Quiz
Question 1
The revenue recognition principle dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied.
Question 2
An adjusting entry to a prepaid expense is required to recognize expired expenses.
Question 3
Unearned revenue is a prepayment that requires an adjusting entry

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ACC 556 Chapter 5 Quiz (100% Score)
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Chapter 5 Quiz
Question 1 
An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system.
Question 2 
The terms 2/10, net/30 mean that a 2 percent discount is allowed on payments made within the 10 days discount period.

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ACC 556 Chapter 6 Quiz (100% Score)
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Chapter 6 Quiz
Question 1
Raw materials inventories are the goods that a manufacturing company has completed and are ready to be sold to customers.
Question 2
Goods held on consignment should be included in the consignor’s ending inventory

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ACC 556 Chapter 7 Quiz (100% Score)
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Chapter 7 Quiz
Question 1 
The most important element of the fraud triangle is rationalization.
Question 2 
Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.
Question 3 
Under an effective system of internal control, errors occur only as a result of fraud or dishonesty.

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ACC 556 Chapter 8 Quiz (100% Score)
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Chapter 8 Quiz
Question 1 
An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected.
Question 2 
Allowance for Doubtful Accounts is a contra account that is deducted from Accounts Receivable on the balance sheet.

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ACC 556 Chapter 9 Quiz (100% Score)
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Chapter 9 Quiz
Question 1 
The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained earnings statement.
Question 2 
The activity from the balance sheet to be presented in the financing activities section of the statement of cash flows is based on an analysis of stockholders’ equity only.

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ACC 556 Chapter 10 Quiz (100% Score)
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Chapter 10 Quiz
Question 1 
A current liability must be paid out of current earnings.
Question 2 
Most notes are not interest bearing.
Question 3 
Unearned revenues are received before goods are delivered or services are rendered.

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ACC 556 Chapter 11 Quiz (100% Score)
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Chapter 11 Quiz
Question 1 
A current liability must be paid out of current earnings.
Question 2 
Most notes are not interest bearing 
Question 3 
Unearned revenues are received before goods are delivered or services are rendered.

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ACC 556 Chapter 12 Quiz (100% Score)
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Chapter 12 Quiz
Question 1 
The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained earnings statement.
Question 2 
The activity from the balance sheet to be presented in the financing activities section of the statement of cash flows is based on an analysis of stockholders’ equity only. 

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ACC 556 Chapter 13 Quiz (100% Score)
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Chapter 13 Quiz
1.    Price-earnings ratio 2.    Return on assets 3.    Accounts receivable turnover ratio 4.    Earnings per share 5.    Payout ratio 6.    Current cash debt coverage 7.    Current ratio

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ACC 556 Chapter 21 Quiz (100% Score)
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Chapter 21 Quiz
Question 1 
A benefit of budgeting is that it provides definite objectives for evaluating performance.
Question 2 
Effective budgeting requires clearly defined lines of authority and responsibility.

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ACC 556 Chapter 22 Quiz (100% Score)
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Chapter 22 Quiz
Question 1 
Budget reports comparing actual results with planned objectives should be prepared only once a year.
Question 2 
A static budget is changed only when actual activity is different from the level of activity expected.
Question 3 
Management by exception means that management will investigate

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ACC 556 Final Part 1 (100% Correct Answers)
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Final  Part 1
Question 1 
Under the corporate form of business organization
Question 2 
Accountants do not attempt to measure the change in a plant asset's market value during ownership because
Question 3 
Budget reports provide the feedback needed by management to see whether actual operations are on course.

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ACC 556 Final Part 1 and 2
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Final  Part 1
Question 1 
Under the corporate form of business organization
Question 2 
Accountants do not attempt to measure the change in a plant asset's market value during ownership because
Question 3 
Budget reports provide the feedback needed by management to see whether actual operations are on course.

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ACC 556 Final Part 2 (100% Correct Answers)
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Final  Part 2
Question 1 
A manager of a cost center is evaluated mainly on
Question 2
Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%.  Sales                                                 $ 1,400,000 Controllable margin                                  160,000 Total average assets                             4,000,000

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ACC 556 Midterm Part 1 (100% Correct Answers)
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ACC 556 - Midterm part 1
· Question 1
Source documents can provide evidence that a transaction has occurred 
· Question 2
Expense recognition is tied to revenue recognition. 
· Question 3
To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee 

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ACC 556 Midterm Part 1 and 2
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ACC 556 - Midterm part 1
· Question 1
Source documents can provide evidence that a transaction has occurred 
· Question 2
Expense recognition is tied to revenue recognition. 
· Question 3
To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks.

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ACC 556 Midterm Part 2 (100% Correct Answers)
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ACC Midterm part 2
Question 1• Which of these would cause the inventory turnover ratio to increase the most? Question 2• Bad Debt Expense is considered •Question 3 A trial balance proves

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ACC 556 Week 6 Assignment 1 Financial Analysis (4 Papers, Apple, Lowe's, Mc Donalds, Walmart)
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ACC 556 Week 6 Assignment 1 Financial Analysis
Assignment 1: Financial Analysis worth 160 points Use the Internet or Str databases to research one (1) publicly traded company and review its last annual report.

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ACC 556 Week 10 Assignment 2 Budget Planning and Control (3 Papers)
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Assignment 2: Budget Planning and Control Due Week 10 and worth 160 points Use the Internet and / or databases to research budget planning and control. Imagine that the company that you currently work for, have previously worked for, or would like to work for in the future has tasked you with preparing a budget plan.

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