Strayer ACC 556 Week 5 Midterm part 1

Jul 26th, 2016
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1. Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company. 2. 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. 3. To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks. 4. Expense recognition is tied to revenue recognition. 5. Which of the following is not a common way that managers use the balance sheet? 6. Which of the following would not be classified as a long-term liability? 7. Solvency ratios measure the short-term ability of the company to pay its maturing obligations. 8. Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency. 9. The revenue recognition principle

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ACC 556 Week 5 Midterm part 11. Management may choose any inventory costing method it desires as long as the cost flowassumption chosen is consistent with the physical movement of goods in the company.TrueFalse2. An aging of accounts receivable schedule is based on the premise that the longer the period anaccount remains unpaid, the greater the probability that it will eventually be collected.TrueFalse3. To obtain maximum benefit from a bank reconciliation, the reconciliation should be preparedby the employee authorized to sign checks.TrueFalse4. Expense recognition is tied to revenue recognition.TrueFalse5. Which of the following is not a common way that managers use the balance sheet?To analyze the balances of assets, liabilities, and stockholders equity throughout theaccountingperiodTo analyze the balance between debt and common stock financingTo analyze the balance of accounts receivable on the last day of the accountingperiodTo determine if the cash balance is sufficient for future needs6. Which of the following would not be classified as a long-term liability?Current maturities of long-term debtBonds payableMortgage payableLease liabilities7. Solvency ratios measure the short-term ability of the company to pay its maturing obligations.TrueFalse8. Requiring employees to take vacations is a weakness in the system of internal controls becauseit does not promote operational efficiency.TrueFalse9. The revenue recognition principle dicta

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