The Type of Accounting Required By GAAP
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Type of Accounting Required By GAAP
Which type of business organization is owned by its stockholders?
- Which of the following types of organization would probably sell goods?
“Please operation
- Service operation
c.Not-for-profit operation
d.Manufacturing operation
- Which of the following types of organizations would produce goods?
- Merchandising operation
- Service operation
c.Not-for-profit operation
d.Manufacturing operation
- Which type of business organization is owned by its stockholders?
- Corporation
- Partnership
c.Limited liability company
d.Sole proprietorship
- Which of the following is considered an asset?
- Accounts payable
- Sales
c.Accounts receivable
d.Common stock
- Obligations that are owed to others due to past transactions are categorized as:
- Stockholders’ equity.
- Expenses.
c.Assets.
d.Liabilities.
- All payables are listed as:
- Assets.
- Liabilities.
c.Stockholders’ equity.
d.Revenue.
- A type of company asset in which a customer owes the company money would be a:
- Dividend.
- Receivable.
c.Payable.
d.Sale.
- Dividends are paid with cash to shareholders. Dividends are in what category of the chart of accounts?
- Revenue
- Assets
c.Stockholders’ equity
d.Liabilities
- If revenues are recognized and recorded when earned, the company is using the:
a.Cash basis of accounting.
b.Accrual basis of accounting.
c.Adjustment basis of accounting.
d.The expense basis of accounting.
- The matching principle in accounting requires the matching of:
a.Revenue earned with the assets used to product the revenue.
b.Revenue earned with the assets used less the liabilities incurred.
c.Revenue earned with the liabilities used to produce the revenue.
d.Revenue earned with the expenses incurred to produce the revenue.
- The type of accounting required by GAAP is:
a.Modified cash.
b.Hybrid cash.
c.Cash.
d.Accrual.
- The Cost of Goods Sold account appears on the:
a.Balance sheet.
b.Statement of retained earnings.
c.Income statement.
d.Post-closing trial balance.
- The Inventory account appears on the:
a.Balance sheet.
b.Statement of retained earnings.
c.Income statement.
d.List of liabilities.
- Alpha Company received an invoice from Beta Company for $5,550 with terms of 3/10, n/45 on March 8. If Alpha pays the bill on March 15, they will credit inventory under a perpetual inventory system for:
a.$ 0.
b.$ 555.00
c.$ 166.50
d.$5550.00
- Under the specific-identification method, the flow of goods through the accounting records will:
a.Be the opposite of the physical flow of goods through the business.
b.Closely match the physical flow of goods through the business.
c.Exactly match the physical flow of goods through the business.
d.Have no relationship to the physical flow of goods through the business.
- Under the LIFO method, the flow of goods through the accounting records will:
a.Be nearly the opposite of the physical flow of goods through the business.
b.Closely match the physical flow of goods through the business.
c.Exactly match the physical flow of goods through the business.
d.Have no relationship to the physical flow of goods through the business.
- Under the FIFO method, the flow of goods through the accounting records will:
a.Be the opposite of the physical flow of goods through the business.
b.Closely match the physical flow of goods through the business.
c.Exactly match the physical flow of goods through the business.
d.Have no relationship to the physical flow of goods through the business.
- If shrinkage is found for $500, an adjusting entry would be made by:
a.Debiting inventory for $500; credit cost of goods sold for $500.
b.Debiting inventory for $500; credit sales returns and allowances for $500.
c.Debiting cost of goods sold for $500; credit inventory for $500.
d.Debiting sales returns and allowances for $500; credit inventory for $500.
- Honesty, fairness, and integrity are all a part of:
a.Ethical law.
b.Ethical behavior.
c.Accounting law.
d.GAAP principles.
- Embezzlement usually involves the misappropriation of business:
a.Equity by an employee.
b.Liabilities by an employee.
c.Assets by an employee.
d.Information by an employee.
- A good internal control system does which of the following?
a.Guarantees the efficiency and effectiveness of operations
b.Reduces the risk of undetected errors
c.Provides absolute assurance that no errors will occur
d.Guarantees that fraud will be prevented
- Details that support business transactions make up what is called:
a.Internal control.
b.Monitoring.
c.Risk assessment.
d.An audit trail.
- A bank statement shows the:
a.Ending book balance as of a specific date.
b.Ending bank balance as of a specific date.
c.Reconciled balance as of a specific date.
d.Book errors as of a specific date.
- Deposits in transit are:
a.Subtracted from the book balance.
b.Added to the book balance.
c.Subtracted from the bank balance.
d.Added to the bank balance.
- Outstanding checks are:
a.Added to the book balance.
b.Added to the bank balance.
c.Subtracted from the book balance.
d.Subtracted from the bank balance.
- NSF check amounts are:
a.Added to the bank balance.
b.Subtracted from the bank balance.
c.Added to the book balance.
d.Subtracted from the book balance.
- Patents, goodwill, and trademarks are
a.Amortized.
b.Depleted.
c.Depreciated.
d.Expensed.
- Buildings, vehicles, and desks are:
a.Amortized.
b.Depleted.
c.Depreciated.
d.Expensed.
- Coal, oil, and timber are:
a.Amortized.
b.Depleted.
c.Depreciated.
d.Expensed.
- Research and development costs (R&D) are generally:
a.Expensed and become part of the income statement.
b.Listed as “other intangibles” on the balance sheet.
c.Listed as “current assets” on the balance sheet.
d.Listed as “long-term assets” on the balance sheet.
The Type of Accounting Required By GAAP
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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