ACC 557 MIDTERM PART 1 (Latest 2016)

Jun 19th, 2016
Studypool Tutor
Price: $20 USD

Tutor description

1. What is the order in which assets are generally listed on a classified balance sheet? 2. The information for preparing a trial balance on a worksheet is obtained from 3. The most efficient way to accomplish closing entries is to 4. All of the following are property, plant, and equipment except 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: 6. The operating cycle of a company is the average time that is required to go from cash to 7. The purpose of the post-closing trial balance is to 8. The first step in posting involves 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 10. Which of the following are the same under both GAAP and IFRS? 11. The

Word Count: 1409
Showing Page: 1/5
ACC 557 MIDTERM PART 1 (New 2016)1. What is the order in which assets are generally listed on a classified balance sheet?a. Current and long-termb. Current; property, plant, and equipment; long-term investments; intangible assetsc. Current; property, plant, and equipment; intangible assets; long-term investmentsd. Current; long-term investments; property, plant, and equipment; intangible assets2. The information for preparing a trial balance on a worksheet is obtained froma. financial statements.b. general ledger accounts.c. general journal entries.d. business documents.3. The most efficient way to accomplish closing entries is toa. credit the income summary account for each revenue account balance.b. debit the income summary account for each expense account balance.c. credit the owners drawing balance directly to the income summary account.d. credit the income summary account for total revenues and debit the income summary accountfor total expenses.4. All of the following are property, plant, and equipment excepta. supplies.b. machinery.c. land.d. buildings.5. On March 8, Black Candy Company bought supplies on account from the Arcade FireCompany for $550. Black Candy Company incorrectly debited Equipment for $500 and creditedAccounts Payable for $500. The entries have been posted to the ledger. the correcting entryshould be:a. Supplies.................................................................................550Accounts Payable

Review from student

Studypool Student
" Thanks, good work "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1828 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors