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ACC 310 STUDY GUIDE CORE ACCOUNTING PRINCIPLES Questions with Correct Answers (Grade A+) Question 1: Why is decision-usefulness considered the most important criterion for financial reporting? Answer: It helps investors and creditors make informed economic decisions. Question 2: How does decision-usefulness affect the structure of financial reporting? Answer: It allows accountants to select accounting principles to maximize relevance and faithful representation. Question 3: True or False:...

ACC 310 PRACTICE EXAM ADVANCED ACCOUNTING TOPICS Questions with Correct Answers (Grade A+) Question 1: If a company has $200,000 in a checking account and a $50,000 CD maturing in 4 months, what is the cash and cash equivalent total? Answer: $200,000 (The CD is not a cash equivalent because it matures beyond 3 months). Question 2: If a company has $500,000 in a checking account and a $100,000 CD maturing in 2 months, what is the cash and cash equivalent total? Answer: $600,000. Question ...

ACC 231 EXAM 2 PRACTICE TEST Questions with Correct Answers (Grade A+) Question 1: operating cycle. Answer: the time it takes to take cash and come back to cash within the operations of a company Question 2: examples of current assets. Answer: 1. supplies 2. cash 3. insurance 4. rent 5. accounts receivable 6. short-term investments 7. and inventory Question 3: long term investments.

ACC 553 EXAM SCRIPT Questions with Correct Answers (Grade A+) Question 1: what does the AICPA do? Answer: -establishes rules and standards that guide audit services provided to NONPUBLIC companies-oversees ASB who issues the standards -supports accounting and auditing research Question 2: what does the FASB do? Answer: -establishes standards for financial reporting -oversees EIFT who administers timely guidance on accounting principles to CPAs. Question 3: what are the four principles und...

ACC 310 REVIEW MODULE Questions with Correct Answers (Grade A+) Question 1: Which activity is classified as a financing activity? Answer: Issuing new shares of common stock. Question 2: How should a $200,000 bank loan be recorded in the statement of cash flows? Answer: As an inflow in the financing section. Question 3: How is a gain on the sale of machinery treated in the statement of cash flows? Answer: Reported as a cash inflow in investing activities. Question 4: What is the cash flow...

ACC 231 EXAM 2 EXAM PREPARATION KEY FINANCIAL ACCOUNTING CONCEPTS WITH SAMPLE Questions with Correct Answers (Grade A+) Question 1: Quick Ratio Formula. Answer: Quick Assets/Current Liabilities Question 2: A company has sales revenue of $133,000, cost of goods sold of $63,000, operating expenses of $37,000, and other expenses of $4,000. The company's operating income is:. Answer: 1. $33 2. 000 [133 3. 000 - 63 4. 000 - 37 5. 000} Question 3: Operating Income Formula. Answer: Gro...

ACC 231 EXAM 2 STUDY GUIDE ACCOUNTING PRINCIPLES Questions with Correct Answers (Grade A+) Question 1: On December 1, Macy Company sold merchandise with a selling price of $9000 on account to Mrs. Jorgenson, with terms 4/10, n/30. On December 3, Mrs. Jorgenson returned merchandise with a selling price of $700. Mrs. Jorgenson paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used. Answer: Debit Cash for $7968, debit Sal...

ACC 231 EXAM 2 REVISION NOTES AND STRUCTURED ACCOUNTING OVERVIEW GUIDE Questions with Correct Answers (Grade A+) Question 1: examples of current liabilities. Answer: accounts payable, wages payable, unearned revenue, taxes payable Question 2: Long-term liabilities. Answer: not due within a year or operating cycle which ever is longer Question 3: examples of long-term liabilities. Answer: notes payable, mortgages payable, bonds payable, lease obligations Question 4: New Accounts. Answer...

ACC 231 EXAM 2 PRACTICE TEST Questions with Correct Answers (Grade A+) Question 1: operating cycle. Answer: the time it takes to take cash and come back to cash within the operations of a company Question 2: examples of current assets. Answer: 1. supplies 2. cash 3. insurance 4. rent 5. accounts receivable 6. short-term investments 7. and inventory Question 3: long term investments. Answer: investments we expect to be held for more than a year or operating cycle which ever is longe...

ACC 231 EXAM 2 FINAL REVIEW Questions with Correct Answers (Grade A+) Question 1: gross margin ratio formula. Answer: Gross margin/net sales (want it to be higher than industry average) Question 2: return on sales ratio. Answer: shows how good a job we do of keeping the sales revenue Question 3: return on sales ratio formula. Answer: net income/net sales(higher than industry average) Question 4: earnings per share (EPS). Answer: allows for a relative comparison between companies (compar...

ACAS COURSE Questions with Correct Answers (Grade A+) Question 1: Which of the following best describes the SecurityCenter? Select the best answer. A. A topology viewer that provides graphical analysis information B. The passive scanner that detects vulnerabilities by sniffing network traffic C. The active scanner that probes hosts D. The central console that provides continuous asset-based security and compliance monitoring **** Module 1-1 **** Answer: D. Question 2: True/False A vulner...

ACAS FINAL STUDY PAPER Questions with Correct Answers (Grade A+) Question 1: Is ACAS funded by the government? Answer: Yes, but it operates independently. Question 2: What is the primary role of ACAS? Answer: To provide free advisory services to employers and employees. Question 3: What is the purpose of ACAS's Code of Practice? Answer: To outline guidelines for disciplinary and grievance procedures. Question 4: What type of disputes does ACAS help with? Answer: Both collective and i...

ACAS COURSE STUDY GUIDE Questions with Correct Answers (Grade A+) Question 1: When did the current Code of Practice come into effect? Answer: 11 March 2015. Question 2: What does the Code of Practice not apply to? Answer: Dismissals due to redundancy or the non-renewal of fixed-term contracts on their expiry. Question 3: What can employment tribunals do if an employer fails to follow the Code? Answer: They can adjust any awards made by up to 25% for unreasonable failure to comply. Questi...

ACAS BEST PRACTICE KNOWLEDGE EXAM 1 REVISION HANDBOOK PROBABILITY STATISTICS AND ACTUARIAL METHODS Questions with Correct Answers (Grade A+) Question 1: If a patient is unresponsive, which of the following should be assessed first? Answer: Respiration Question 2: The receptionist who is responsible for opening the medical office must arrive how long before office hours begin? Answer: 15 to 20 minutes Question 3: Which of the following information is obtained from a completed daysheet? A...

ACAS COURSE COMPREHENSIVE TEST Questions with Correct Answers (Grade A+) Question 1: How does the skill levels of the workforce affect the motivators used. Answer: -less skill means less paid so more motivated by money as creates a bigger difference for them-level 1 of Maslows theory Question 2: How does the public's perception of the business affect motivators used. Answer: Some need to maintain a good rep and use non financial, some in manufacturing the customers don't see what hap...

ACAS COURSE ACTUAL PAPER Questions with Correct Answers (Grade A+) Question 1: HR objectives. Answer: targets pursued by the human resources management function that fit in with the overall corporate objectives of the company Question 2: list 4 reasons of setting HR objectives. Answer: 1. means of judging 2. performance 3. employee motivation 4. improved performance 5. helps image of business Question 3: why does setting HR objectives help means of judging performance. Answer: you c...

ACAS COMPREHENSIVE TEST Questions with Correct Answers (Grade A+)

ACAS BEST PRACTICE KNOWLEDGE EXAM 2 REVISION HANDBOOK INSURANCE PRICING AND RESERVING METHODS Questions with Correct Answers (Grade A+) Question 1: ____________ ensures that harmful vulnerabilities are not exercised by the scanner. Answer: Enabling safe checks Question 2: ____________ limits the maximum number of plugins a nessus scanner will send to a single host at one time. Answer: Max simultaneous checks per host Question 3: You can configure the targets for your blackout window to i...

ACAS BEST PRACTICE KNOWLEDGE EXAM 2 LEARNING WORKBOOK PROBABILITY STATISTICS AND FINANCIAL MODELING APPLICATIONS Questions with Correct Answers (Grade A+) Question 1: The tool that probes hosts and does active vulnerability and compliance scanning is ______________________ Answer: Nessus Active Vulnerability Scanner Question 2: The tool that can manage scan data, run scans and pull in data from various Nessus Agent is the ________________. Answer: Nessus Manager Question 3: The Passive...

ACAS BEST PRACTICE KNOWLEDGE EXAM 2 EXAM PREPARATION KEY CONCEPTS AND REVISION NOTES Questions with Correct Answers (Grade A+) Question 1: True/False The SecurityCenter Plugins menu displays a list of script files used by Nessus and PVS scanners to collect and interpret vulnerability, compliance, and configuration data. **** Module 1-3 **** Answer: True. Question 2: Which of the following are options you can consider for scanning stand-alone networks? Select all that apply. A. Install b...