Acc 557 financial accounting Study guides, Class notes & Summaries

ACC 557 Week 2, Quiz - Graded 100% Latest V Week 2 Quiz 1-  The United States and the international standard-setting environment are primarily driven by meeting the needs of • tax authorities. • investors and creditors. • academic researchers. • central government planners 2-    -  If the retained earnings account increases from the beginning of the year to the end of the year, then • net income is less than dividends. • a net loss is less than dividends. • the company must hav...

ACC 557 Week 4, Quiz - Graded 100% Latest V 1. A correcting entry A). is another name for a closing entry. B). may involve any combination of accounts. C). is a required step in the accounting cycle. D). must involve one balance sheet account and one income statement account 2. A double rule applied to accounts in the ledger during the closing process implies that A). the account balance is not zero. B). a mistake has been made, since double ruling is prescribed. C). the account is a te...

ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A) Wiley Plus - Graded 100%.docx ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A) NEW ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A) E3-6 : Orwell company accumulates the following adjustment data at December 31 a) The type of adjustment ............ b) The status of accounts before adjustment............ E3-7 : The ledger of Villa Rental Agency on march 31 of the current year includes the selected accounts, shown below, before adjustin...

ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A) Wiley Plus - Graded 100%.docx ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A) NEW ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A) E2-6 : Elvira Industries had the following transactions. a) Indicate what accounts are increased and decreased by each transaction............ b) Journalize each transaction............. E2-9 : Selected transaction from the journal of Robert Mendez, investment broker, are presented below: a) Post transacti...

ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A) Wiley Plus - Graded 100%.docx ACC 557 Week 1 Chapter 1 (E1-4, E1-7, E1-11, P1-2A) NEW ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A) E1-4 : The following situations involve accounting principles and assumptions. For each of the three situations, state if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption ha...

ACC 557 Week 6 Chapter 10 (E10-9, E10-12, E10-15, P10-1A) NEW ACC 557 Week 6 Chapter 10 (E10-9, E10-12, E10-15, P10-1A) E10-9: Global Airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. These two alternatives are: ............ It is estimated that the company will earn $800,000 before interest and taxes as a result of this purchase. The company has an estimated tax rate of 30% and has 90,000 shares of common stock outstanding prior to the new fina...

ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A) Wiley Plus - Graded 100%.doc ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A) NEW ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A) E4-1 : The trial balance column of the worksheet for Cajon company at June 30, 2014............ E4-5 : The adjustments columns of the worksheet for Munoz Company are shown below. ............ a) Prepare adjusting entries in order presented in the problem. ............ b) Indicate with an "X...

ACC 557 Week 3 Assignment 1 Review of Accounting E Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Search the Internet or the Strayer Library to locate a story in the news that depicts an accounting ethical breach. You may select from any type of organization about which you have information or a curiosity. Write a four to five (4-5) page paper in which you: • Given ...

ACC 557 Week 9, Chapter 13 (E13-3, E13-4, E13-6, P13-3A) Wiley Plus - Graded 100%.doc ACC 557 Week 9 Chapter 13 (E13-3, E13-4, E13-6, P13-3A) NEW ACC 557 Week 9 Chapter 13 (E13-3, E13-4, E13-6, P13-3A) E13-3: Tim Latimer Corporation had the following transactions. For each transaction above, prepare the journal entry. ............ E13-4: Bracewell Company reported net income of $195,000 for 2014. Bracewell also reported depreciation expense of $40,000 and a gain of $5,000 on disposal of plant ...