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ACC 556 WEEK 5 MIDTERM 2
• Question 1
Management usually wants ________ financial statements and the IRS requires all businesses to
file _________ taxreturns.
• Question 2
If Morris Corporation has a negative $131 million free cash flow, which of the following statements is
most likely true?
Selected Answer:
Morris' cash provided by operations is less than its cash dividends plus capital expenditures.
Correct Answer:
Morris' cash provided by operations is less than its cash dividends plus capital expenditures.
• Question 3
Smithson Corporation’s unadjusted trial balance includes the following balances (assume normal
balances):
• Accounts Receivable $3,357,000
• Allowances for Doubtful Accounts $ 63,900
Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will
the company record?

2. • Question 4
Two companies report the same cost of goods available for sale but each employs a different
inventory costing method. If the price of goods has increased during the period, then the company
using
Selected Answer:
FIFO will have the highest ending inventory.
Correct Answer:
FIFO will have the highest ending inventory.
• Question 5
Which statement is incorrect?
• Question 6
A revenue generally
• Question 7
Bad Debt Expense is considered
• Question 8
All of the following are characteristics of every accounting information system except it is a system
.• Question 9
Which of the following is least likely to help a company minimize losses as credit standards are
relaxed?
• Question 10
At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper
enters the collections in the journal and ledger. Which of the following is the best explanation of this
type of internal control principle over cash receipts?
.• Question 11
A trial balance proves
• Question 12
Which one of the following is not an objective of a system of internal controls?
• Question 13

3. Receivables are
• Question 14
Independent internal verification of the physical inventory process occurs when
• Question 15
Dobler Company gathered the following reconciling information in preparing its June bank
reconciliation:
Cash balance per books, 6/30 $8,400
Deposits in transit 600
Notes receivable and interest collected by bank 1,480
Bank charge for check printing 50
Outstanding checks 3,000
NSF check 280
The adjusted cash balance per books on June 30 is
• Question 16
Olympus Climbers Company has the following inventory data:
July 1 Beginning inventory 20 units at $19 $ 380
7 Purchases 70 units at $20 1,400
22 Purchases 10 units at $22 220
$2,000
A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using
the FIFO inventory method, the amount allocated to cost of goods sold for July is
• Question 17
A merchandiser will earn an operating income of exactly $0 when
• Question 18
If a company is given credit terms of 2/10, n/30, it should • Question 19

4. Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If
the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true?
• Question 20
A company usually determines the amount of supplies used during a period by:
• Question 21
All of the following are true regarding the management and monitoring of cash except
• Question 22
The primary difference between accrued revenues and unearned revenues is that accrued revenues
have:
• Question 23
Which of these would cause the inventory turnover ratio to increase the most?
• Question 24
What is an advantage of using the multiple-step income statement?
• Question 25
Fehr Company sells merchandise on account for $5,000 to Kelly Company with credit terms of 2/10,
n/30. Kelly Company returns $1,000 of merchandise that was damaged, along with a check to settle
the account within the discount period. What is the amount of the check?
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Management-usual-33713
ACC 556 WEEK 6 ASSIGNMENT
Assignment 1: Financial Analysis
Due Week 6 and worth 160 points
Use the Internet or Strayer databases to research one (1) publicly traded company and review its
last annual report. Use an investor’s view to perform financial analysis and discuss various non-
financial factors impacting investment decision.
Write a two to three (2-3) page paper in which you:

5. 1. From an investor’s view, review the last annual report for chosen company. Use financial
analysis tools of liquidity, profitability, and solvency to evaluate the company’s performance and
reasons for investing or not investing. Include the company’s ranking in the industry, and its major
competitors.
2. From an investor’s views, discuss at least three (3) non-financial factors that suggest
investing in this company. These may include environmental responsibility (sustainability), corporate
governance, etc. Explain the main reasons why these are important to an investor.
3. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and
other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on
all sides; citations and references must follow APA or school-specific format. Check with your
professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the
professor’s name, the course title, and the date. The cover page and the reference page are not
included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
• Analyze and interpret financial statements.
• Evaluate management control systems and examine their relationship with accounting and
planning, including feedback and non-financial performance measurements.
• Use technology and information resources to research issues in financial accounting for
managers.
• Write clearly and concisely about financial accounting using proper writing mechanics.
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ACC 556 WEEK 6 HOMEWORK CHAPTER 9
• Question 1
All plant assets (fixed assets) must be depreciated for accounting purposes.

6. • Question 2
Recording depreciation on plant assets affects the balance sheet and the income statement.
• Question 3
Additions and improvements to a plant asset that increase the asset's operating efficiency,
productive capacity, or expected useful life are generally expensed in the period incurred.
• Question 4
If a plant asset is sold at a gain, the gain on disposal should reduce the cost of goods sold section of
the income statement.
• Question 5
Research and development costs that result in a successful product that is patentable are charged
to the Patent account.
• Question 6
A company purchased land for $350,000 cash. Real estate brokers' commission was $25,000 and
$35,000 was spent for demolishing an old building on the land before construction of a new building
could start. Under the historical cost principle, the cost of land would be recorded at
• Question 7
The four subdivisions for plant assets are
• Question 8
Which of the following is included in the cost of constructing a building?
• Question 9
Accountants do not attempt to measure the change in a plant asset's market value during ownership
because
• Question 10
Equipment was purchased for $68,000 on January 1, 2013. Freight charges amounted to $2,800
and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated
that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. What is the
amount of accumulated depreciation at December 31, 2014, if the straight-line method of
depreciation is used?
• Question 11
The Modified Accelerated Cost Recovery System (MACRS) is a depreciation method that

7. • Question 12
A plant asset was purchased on January 1 for $45,000 with an estimated salvage value of $5,000 at
the end of its useful life. The current year's Depreciation Expense is $5,000 calculated on the
straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is
$25,000. The remaining useful life of the plant asset is
• Question 13
Grant Company has decided to change the estimate of the useful life of an asset that has been in
service for 2 years. Which of the following statements describes the proper way to revise a useful life
estimate?
• Question 14
A company sells a plant asset that originally cost $240,000 for $80,000 on December 31, 2014. The
accumulated depreciation account had a balance of $120,000 after the current year's depreciation of
$20,000 had been recorded. The company should recognize a
• Question 15
The book value of an asset will equal its fair value at the date of sale if
• Question 16
The following information is provided for Nguyen Company and Northwest Corporation.
(in $ millions) Nguyen Company Northwest Corporation
Net income 2014 $275 $390
Net sales 2014 1,500 4,100
Total assets 12/31/12 1,000 2,400
Total assets 12/31/13 1,050 3,000
Total assets 12/31/14 1,150 4,000
What is Northwest's asset turnover ratio for 2014?
• Question 17
Intangible assets are the rights and privileges that result from ownership of long-lived assets that
• Question 18
Intangible assets

8. • Question 19
Which of the following statements concerning financial statement presentation is false?
• Question 20
Indicate whether each of the following expenditures should be classified as land (L), land
improvements (LI), buildings (B), equipment (E), or none of these (X).
o
Question Selected Match
Parking lots B.
Land Improvements (LI)
Electricity used by a machine E.
None of these (X)
Excavation costs C.
Buildings (B)
Interest on building construction loan C.
Buildings (B)
Cost of trial runs for machineryD.
Equipment (E)
Drainage costs A.
Land (L)
Cost to install a machine D.
Equipment (E)
FencesB.
Land Improvements (LI)
Unpaid (past) property taxes assumed A.
Land (L)
Cost of tearing down a building when land and a building on it are purchased A.
Land (L)

9. o
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9-Question-1-All-pla-33722
ACC 556 WEEK 6 DISSCUSSION
Week 6 Discussion
"Plant Assets" Please respond to the following:
• Imagine that you are the Chief Financial Officer (CFO) of a startup airline company. The
executive management team has tasked you with making a recommendation about whether the
company should buy or lease airplanes. Analyze the major pros and cons for leasing and buying
assets. Based on your analysis, provide a recommendation to the executive team.
• Compare and contrast the three (3) methods for depreciating plant assets. Recommend the
method that maximizes profits for both a shorter period of time and a longer period of time.
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ACC 556 WEEK 7 DISCUSSION
Week 7 Discussion
"Liabilities" Please respond to the following:
• Hypothesize a scenario in which one could intentionally misstate liabilities for his or her
personal financial gain. Recommend two (2) actions that companies can take to prevent or detect
intentional misstatements of liabilities for personal financial gain. Justify your response.
• From the e-Activity, imagine that you are advising an investor who is considering purchasing
bonds from the selected company. Analyze the types of bonds the chosen company issues and

10. make a recommendation to the investor as to which type of bond would provide the most value.
Justify your response.
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Discussion-Liabilitie-33911
ACC 556 WEEK 7 HOMEWORK CHAPTER 10
• 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.
• Question 4
The carrying value of bonds is calculated by adding the balance of the Discount on Bonds Payable
account to the balance in the Bonds Payable account.
• Question 5
Material gains or losses on bond redemption are reported as an extraordinary item on the income
statement.
• Question 6
Liabilities are classified on the balance sheet as current or
• Question 7
With an interest-bearing note, the amount of assets received upon issuance of the note is generally
• Question 8
The interest charged on a $70,000 note payable, at the rate of 6%, on a 90-day note would be

11. • Question 9
On January 1, 2014, Keisler Company, a calendar-year company, issued $700,000 of notes
payable, of which $175,000 is due on January 1 for each of the next four years. The proper balance
sheet presentation on December 31, 2014, is
• Question 10
Norlan Company does not ring up sales taxes separately on the cash register. Total receipts for
October amounted to $29,400. If the sales tax rate is 5%, what amount must be remitted to the state
for October's sales taxes?
• Question 11
Stockholders of a company may be reluctant to finance expansion through issuing more equity
because
• Question 12
Which of the following is not an advantage of issuing bonds instead of common stock?
• Question 13
When authorizing bonds to be issued, the board of directors does not specify the
• Question 14
If the market rate of interest is 10%, a $10,000, 12%, 10-year bond that pays interest annually would
sell at an amount
• Question 15
If bonds are issued at a discount, it means that the
• Question 16
In the balance sheet, the account Discount on Bonds Payable is
• Question 17
If bonds have been issued at a discount, then over the life of the bonds the
• Question 18
Ervay Company has $875,000 of bonds outstanding. The unamortized premium is $12,600. If the
company redeemed the bonds at 101, what would be the gain or loss on the redemption?
• Question 19
The relationship between current assets and current liabilities is

12. • Question 20
Match the items below by entering the appropriate code letter in the space provided.
o
Question Selected Match
Bonds that mature in installments. J.
Serial bonds
Unsecured bonds issued against the general credit of the borrower. H.
Current ratio
A legal document that sets forth the terms of a bond issue. B.
Times interest earned
The rate investors demand for loaning funds to a corporation. I.
Discount on bonds payable
Occurs when the contractual rate of interest is less than the market rate of interest. A.
Maturity date
A measure of a company’s short-term liquidity.C.
Callable bonds
Produces a periodic interest expense that is the same amount each interest period. G.
Debenture bonds
A measure of a company’s solvency. D.
Market interest rate
Bonds subject to retirement at a stated dollar amount prior to maturity. F.
Bond indenture
The time that the final payment on a bond is due from the bond issuer. E.
Straight-line method of amortization
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10-Question-1-A-curr-33917