ACC 557 Midterm Part 1 � Question 1 � � What is the order in which assets are generally listed on a classified balance sheet? � � � � � Question 2 � � The information for preparing a trial balance on a worksheet is obtained from � � � � � � � � Question 3 � � The most efficient way to accomplish closing entries is to � � � � � � � Question 4 � � All of the following are property, plant, and equipment except � � � � � � � � Question 5 � � On March 8, Black Candy Company bought supplies on account from the Arcade Fire Company for $550. Black Candy Company incorrectly debited Equipment for $500 and credited Accounts Payable for $500. The entries have been posted to the ledger. the correcting entry should be: � � � � � � � � Question 6 � � The operating cycle of a company is the average time that is required to go from cash to � � � � � � Question 7 � � The purpose of the post-closing trial balance is to � � � � � � � � Question 8 � � The first step in posting involves � � � � � � � � Question 9 � � On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will � � � � � � � � Question 10 � � Which of the following are the same under both GAAP and IFRS? � � � � � � � Question 11 � � The final step in the recording process is to transfer the journal information to the � � � � � Question 12 � � At January 31, 2015, the balance in Aislers Inc.’s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account should be � � � � � � � � Question 13 � � Transactions in a journal are recorded in � � � � � � � � � � � � � � � Question 14 � � The final step in solving an ethical dilemma is to � � � � � � � � Question 15 � � Accounting consists of three basic activities which are related to economic events of an organization. These include � � � � � � Question 16 � � The primary purpose of the statement of cash flows is to report � � � � � � Question 17 � � Retained earnings at the end of the period is equal to � � � � � � � Question 18 � � A basic assumption of accounting assumes that the dollar is � � � � � � � Question 19 � � All of the following are steps in analyzing ethics cases in financial reporting except � � � � � Question 20 � � An accounting time period that is one year in length, but does not begin on January 1, is referred to as � � � � � � � � � � � � � � Question 21 � � Which of the statements below is not true? � � � � � � � Question 22 � � Which of the following statements is nottrue? � � � � � � Question 23 � � A company spends $15 million dollars for an office building. Over what period should the cost be written off? � � � � � � � � � Question 24 � � Accounts often need to be adjusted because � � � � � � � Question 25 � � Which of the following is in accordance with generally accepted accounting principles?
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