Acc 356 - Study guides, Class notes & Summaries

ACC 356 Midterm Complete Study Questions And Answers Rated A+ Tiffany Evans, a medical doctor and prospective client, has come to your office for the first time. Which is the most appropriate way to greet her? A. "Welcome to my office." B. "Welcome to my office, Dr. Evans." C. "Hi, Tiffany. Welcome to my office." D. "Welcome to my office, Ms. Evans." ANS B. "Welcome to my office, Dr. Evans." Financial planners earn compensation in the form of: 1. A percentage of assets manage...

ACC 356 Exam 2 Questions And Answers | Complete Study Solutions

ACC 356 Final Questions And Answers 2024 Updated Study Tests Jennifer Jones wants to accumulate wealth, but she has told you, her new financial planner, that she is risk averse. What should you do with her money? ANS Determine Jennifer's true risk tolerance. Because she is interested in accumulating wealth, she must be educated and fully assessed. Which of the following best describes the investment characteristics of a high-quality long-term municipal bond? ANS High inflation risk; lo...

ACC 356 Midterm Questions And Answers With Real Tests After meeting with your new client, Nala, you used a Monte Carlo simulation within your financial planning software to project the likelihood of meeting her retirement objective based on her current retirement plan contributions and investment portfolio allocation. Which part of the financial planning process were you engaged in? ANS Analyzing the client's current course of action and potential alternative courses of action. Use of avai...

ACC 356 Exam 3 Questions And Answers With Real Study Quiz In order to be recognized in the financial statements, the asset, liability or change in equity must have a ? ANS relevant attribute that can be quantified in monetary units with sufficient reliability. Measurability must be considered together with both ANS relevance and reliability What are the five different attributes of assets (and liabilities) that are used in present practice? ANS Historical Cost Current Cost Curren...

ACC 356 Midterm Exam | Complete Solutions (Verified) Tiffany Evans, a medical doctor and prospective client, has come to your office for the first time. Which is the most appropriate way to greet her? A. "Welcome to my office." B. "Welcome to my office, Dr. Evans." C. "Hi, Tiffany. Welcome to my office." D. "Welcome to my office, Ms. Evans." Financial planners earn compensation in the form of: 1. A percentage of assets managed. 2. An hourly rate or fee. 3. A commission...

ACC 356 Exam 1 Verified Questions And Answers Rated A+ Define relevance and its components. What is an example of financial reporting information that has both of these components? ANS Relevance means it is capable of making a difference in user's decision making. It can have confirmatory value (confirm or correct prior expectations) or predictive value (help predict future outcomes). Revenue has both of these components. Define representational faithfulness and its components. ANS A depi...

ACC 356 Exam 1 Questions And Answers With Latest Quiz When the AIS provides information in a timely and accurate manner, it stands as an example of ANS -improving the quality and reducing the costs of products or services. -improving efficiency. -improved decision making. A good example of how an AIS is used to share knowledge within an organization is ANS the use of a corporate database to help staff identify the relevant experts who can help with a particular client. One group tha...

ACC 356 Midterm 1 Questions And Answers 2024 Solutions

ACC 356 EXAM 1 Chapters 1-4 Verified Study Questions And Answers neutrality ANS accounting information should be unbiased comparability ANS important in analysis between firms consistency ANS applying the same accounting practices over time cost-effectiveness ANS considers the value of using information relative to cost of providing it recognition ANS the decision to include an amount in the financial statements