ACC 557 Midterm Part 1
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ACC 557 Midterm Part 1

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ACC 557 Midterm Part 1 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?

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