#acc 556

ACC 556 WEEK 10 HOMEWORK Comprehensive income includes all revenues, expenses, gains, losses, and dividends. A primary purpose of vertical analysis is to observe trends over a three-year period. In the vertical analysis of an income statement, each item is generally stated as a percentage of net income. Leverage and return on equity are closely…

ACC 556 WEEK 9 HOMEWORK The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained earnings statement. The activity from the balance sheet to be presented in the financing activities section of the statement of cash flows is based on an analysis of…

ACC 556 WEEK 6 HOMEWORK CHAPTER 10 AND 11 CHAPTER 10 A current liability must be paid out of current earnings. Most notes are not interest bearing. Unearned revenues are received before goods are delivered or services are rendered. The carrying value of bonds is calculated by adding the balance of the Discount on Bonds…

ACC 556 WEEK 5 HOMEWORK An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected. Allowance for Doubtful Accounts is a contra account that is deducted from Accounts Receivable on the balance sheet. Under the…

ACC 556 WEEK 4 HOMEWORK The most important element of the fraud triangle is rationalization. Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency. Under an effective system of internal control, errors occur only as a result of fraud or dishonesty. Control over…

ACC 556 WEEK 2 HOMEWORK CHAPTER 3 AND 4 CHAPTER 3 Economic events that require recording in the financial statements are called accounting transactions. An account is often referred to as a T-account because of the way it is constructed. Revenues are a subdivision of stockholders’ equity. Salaries and wages payable is a type of…

ACC 556 WEEK 1 HOMEWORK CHAPTER 4 Cash and supplies are both classified as current assets. Earnings per share measures the net income earned on each share of common stock. Net cash provided by operating activities takes into account that a company must invest in capital expenditures just to maintain its current level of operations.…

ACC 556 HOMEWORK CHAPTER 12, 21, 22 All Possible Questions Answers