Fredjohnson

ACC 6317 ADVANCED FINANCIAL REPORTING CERTIFICATION EVALUATION Questions with Correct Answers (Grade A+) Question 1: At year-end, ABC Auto had current assets of $10,838 million and current liabilities of $8,296 million. The firm's net working capital is: A. $2,542 million B. $10,838 million C. $(2,542) million D. 19,134 million E. None of these are correct. Answer: A) $2,542 million Rationale: Net working capital = Current assets - Current liabilities. Net working capital = $10,838...

ACC 6317 ADVANCED FINANCIAL REPORTING ACTUAL EXAM PAPER Questions with Correct Answers (Grade A+) Question 1: Accounting Equation Rearranged Answer: Equity = Assets − Liabilities Question 2: Accounting Equation Change Rule Answer: Assets must always equal liabilities plus equity Question 3: Accounting Equation Example Answer: If assets increase 10000 and liabilities decrease 2000 equity increases 12000 Question 4: Assets Definition Answer: Resources owned by a company Question 5: Lia...

ACC 6317 ADVANCED FINANCIAL REPORTING PRACTICE TEST Questions with Correct Answers (Grade A+) Question 1: 10. How would a purchase of inventory on credit affect the income statement? A. It would increase liabilities B. It would decrease retained earnings C. It would increase assets D. Both A and C, above E. None of these are correct Answer: E) None of these are correct. Question 2: 11. The cash conversion cycle is computed as A. Days sales outstanding + Days inventory outstanding - Day...

ACC 6317 ADVANCED FINANCIAL REPORTING EXAM STUDY GUIDE Questions with Correct Answers (Grade A+) Question 1: 15. During the month of Marc, Weimar World, a tax-preparation service, had the following transactions. · Billed $396,800 in revenues on credit · Received $131,200 from customers' accounts receivable · Incurred expenses of $155,200 but only paid $70,160 cash for these expenses · Prepaid $25,776 for computer services to be used next month What was the company's accrual basis ...

ACC 6317 ADVANCED FINANCIAL REPORTING EXAM SCRIPT FINAL PAPER Questions with Correct Answers (Grade A+) Question 1: Internal Controls Purpose Answer: Protect assets ensure accuracy Question 2: Fraud Triangle Answer: Pressure opportunity rationalization Question 3: Bank Reconciliation Purpose Answer: Determine true cash balance Question 4: Deposit in Transit Answer: Add to bank Question 5: Outstanding Checks Answer: Subtract from bank Question 6: NSF Check Answer: Subtract from books...

ACC 553 EXAM PREP Q AND A REVIEW Questions with Correct Answers (Grade A+) Question 1: Which procedure is most effective in detecting unrecorded liabilities? Confirming accounts receivable balances Examining subsequent cash disbursements after year-end Testing depreciation expense recalculations Reviewing stock price changes after year-end Answer: Examining subsequent cash disbursements after year-end Question 2: Which population is most appropriate for testing the completeness of accounts...

ACC 553 CERTIFICATION EVALUATION Questions with Correct Answers (Grade A+) Question 1: An auditor sends positive confirmations for accounts receivable. Several customers do not respond. Which of the following is the most appropriate follow-up procedure? Assume the receivables are invalid and propose an audit adjustment Treat nonresponses as evidence of overstatement and adjust the allowance for doubtful accounts Examine subsequent cash receipts and shipping documents supporting the outstan...

ACC 553 ACTUAL EXAMINATION TEST Questions with Correct Answers (Grade A+) Question 1: The principle-agent relationship results in ____________ ______________ Answer: information asymmetry Question 2: What causes the demand for auditing? Answer: the owner's need reasonable assurance that the financial statements created by management are accurate and fairly presented. Question 3: when are assertions made? Answer: when management creates financial statements, they make assertions about ...

ACC 553 KEY EXAM Questions with Correct Answers (Grade A+) Question 1: Purchasing function should be separated from the. Answer: requisitioning and receiving function Question 2: the invoice processing function should be separated from the. Answer: A/P function Question 3: the disbursement function should be separated from the. Answer: A/P function Question 4: the A/P function should be separated from the. Answer: general ledger function Question 5: TOC for. Answer: Purchase trans Que...

ACC 553 KEY EXAM MOCK EXAM Questions with Correct Answers (Grade A+) Question 1: The Gear icon may be used to access Lists in Quickbooks Online. Answer: True Question 2: In a computerized accounting program, you must record Brought Forward Balances to close the books. Answer: False Question 3: You must turn on Payroll in order to access the Payroll Tax Center Answer: True Question 4: You click the Recent Transactions icon to search for a specific invoice. Answer: False Question 5: Qui...

ACC 553 KEY EXAM HIGH-YIELD TOPICS SUMMARY Questions with Correct Answers (Grade A+) Question 1: authorization: possible misstatement. Answer: purchase goods/services not authorized Question 2: authorization: control activity. Answer: approved purchase requisition and PO obtained Question 3: authorization: TOC. Answer: examine purchase requisitions and purchase orders for proper approval Question 4: accuracy:. Answer: amounts and other data related to recorded purchase and cd trans and ...

ACC 553 KEY EXAM CORE ACCOUNTING PRINCIPLES REVIEW Questions with Correct Answers (Grade A+) Question 1: Users of IaaS. Answer: System administrators responsible for managing operating systems, data, and applications Question 2: Technology needs of startups. Answer: Startups often use third-party software and SaaS due to limited capital Question 3: Common software used by small businesses. Answer: 1. Square 2. Excel 3. Access 4. Internet of Things devices 5. QuickBooks Question 4: I...

ACC 553 KEY EXAM COMPREHENSIVE STUDY GUIDE Questions with Correct Answers (Grade A+) Question 1: Software sourcing. Answer: The decision companies make about where to acquire their software (third-party vendors or internal development) Question 2: Third-party vendor software. Answer: Software purchased from an external provider and licensed for use by a company Question 3: In-house software development. Answer: Software created internally by a company from scratch Question 4: Cloud comp...

ACC 553 FINAL PAPER Questions with Correct Answers (Grade A+) Question 1: what date is put on an audit opinion? Answer: the last day evidence was collected Question 2: what does an unqualified audit report include? Answer: 1. basic elements - title, addressee, opinion on the f/s, basis for opinion, signature, tenure, location, and date 2. critical audit matters Question 3: what is a critical audit matter? Answer: any matter arising from the audit of the f/s that was communicated or requi...

ACC 406 - TORONTO METROPOLITAN UNIVERSITY ACTUAL EXAM PAPER Questions with Correct Answers (Grade A+) Question 1: COSO: Control Environment. Answer: - Integrity and Ethics: a less risky control environment is where a code of ethics is enforced Philosophy and Operating Style: a less risky control environment is where management is very conservative in its approach to things such as mergers- Assignment of authority and responsibility: less risky = lines of authority are well established and ...

ACC 406 - TORONTO METROPOLITAN UNIVERSITY PRACTICE EXAMINATION Questions with Correct Answers (Grade A+) Question 1: Use Case Purpose. Answer: Clarify user requirements and functional needs Question 2: Barefield Corporation, a wholly owned subsidiary of Sandy, Inc., is audited by another CPA firm. As the auditor of Sandy, Inc., you have assured yourself of the other CPA firm's independence and professional reputation. However, you are unwilling to take complete responsibility for its ...

ACC 406 - TORONTO METROPOLITAN UNIVERSITY FINAL TEST Questions with Correct Answers (Grade A+) Question 1: primary function Flexor carpi radialisnerve innervation? Answer: Wrist flexion, radial deviationmedian nerve Question 2: When the muscle can rotate the joint most effectively Answer: Position of greatest mechanical advantage. Question 3: describe a lateral pinch grasp. Answer: Thumb presses against lateral side of index finger. Question 4: tachycardic heart rate. Answer: >100 bp...

ACC 406 - TORONTO METROPOLITAN UNIVERSITY CERTIFICATION SCRIPT Questions with Correct Answers (Grade A+) Question 1: What is a system problem? Answer: when the system objective is not being met Question 2: database management system (DBMS). Answer: handles concurrent access to the same data set Question 3: data component. Answer: comprised a database of internal and external data Question 4: extended entity-relationship (EER) diagram. Answer: shows attributes for each entity and relati...

ACC 310 EXAMINATION TEST PAPER Questions with Correct Answers (Grade A+) Question 1: Users of financial reports include all of the following Answer: creditors, government agencies, unions Question 2: The financial statements most frequently provided include all of the following except the Answer: statement of retained earnings Question 3: How does accounting help the capital allocation process attract investment capital? Answer: provides timely, relevant information Question 4: Whether a...

ACC 310 ACTUAL EXAM SCRIPT Questions with Correct Answers (Grade A+) Question 1: The Financial Accounting Foundation Answer: oversees the operations of FASB Question 2: The major distinction between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), is Answer: all members of the FASB are fully remunerated, serve full time, and are independent of any companies or institutions Question 3: The Financial Accounting Standards Board empl...