ACCT 2101

Acct 2101 Top Exam Questions and answers, 100% Accurate. Graded A+ Accounting area focused on providing information to assist business owner and managers in making business decisions Managerial Accounting standards of conduct for judging right from wrong, honest from dishonest, and fair from unfair Ethics focuses on three factors that affect the accounting reporting environment – opportunity, incentives, and character Sarbanes Oxley Act of 2002 costs that can be traced to the objec...

Acct 2101 Chapter 13 Top Exam Questions & Answers, Graded A+ Three things we need to know for measuring and evaluating financial performance the general categories to evaluate the particular elements within each category how to measure performance Benchmarks can include.. the company's prior year results and the results of close competitors or the average for the industry help when interpreting a company's ratios benchmarks The goal of managerial accounting is to... provide infor...

Acct 2101 Chapter 11, Top Questions and answers, rated A+. VERIFIED. payment for the use of someone else's money--interest (i) two points about interest--stated as a per annum amount. Yearly interest original amount borrowed or invested--principal (p) the number of years (periods) that the principal is borrowed or invested--time computed on the principal only--simple interest Simple interest formula--principal x interest rate x time computed on the principal and on any i...

Acct 2101, Top Exam Questions and answers, 100% Accurate. Rated A+ Accounting area focused on providing information to assist business owner and managers in making business decisions--Managerial Accounting standards of conduct for judging right from wrong, honest from dishonest, and fair from unfair--Ethics focuses on three factors that affect the accounting reporting environment – opportunity, incentives, and character--Sarbanes Oxley Act of 2002 costs that can be traced to the ob...

Acct 2101 Exam 2, Top Exam Question and answers, 100% Accurate, rated A+ The term "recognition" means to report an economic event in the financial statements--TRUE The term "accrual" describes an earnings event that is recognized before cash is paid or received--TRUE The cost of a resource that will produce revenue in the future is an asset.--TRUE Adjusting entries never affect a business's cash account--TRUE An adjusting entry to accrue salary expense is a claims exchange tr...

Acct 2101 Test 1, Top Questions and answers, 100% Accurate. Verified. Accounting is a system that ________, ________, and ___________ information that is __________, ________, ___________ to help users make better decisions.--identifies; records; communicates; relevant; reliable; comparable Objectivity Principle--Accounting information is supported by independent, unbiased evidence that is verifiable. Cost Principle--Accounting info is based on actual cost. Going–Concern Principle-...

Acct 2101 Test 2 Questions with accurate answers, graded A+ Five Steps in the Decision Making Process--1. Identify the decision problem (issues) 2. Determine the decision alternatives 3. Evaluate the costs and benefits of the alternatives 4. Make the decision 5. Review the results of the decision One point for identify the decision problem--the problem, NOT the system One point for evaluate the costs and benefits of the alternatives--select alternatives where the benefits outweigh t...

Acct 2101 Exam 2 Top Questions and answers, 100% Accurate, graded A+ The term "recognition" means to report an economic event in the financial statements TRUE The term "accrual" describes an earnings event that is recognized before cash is paid or received TRUE The cost of a resource that will produce revenue in the future is an asset. TRUE Adjusting entries never affect a business's cash account TRUE An adjusting entry to accrue salary expense is a claims exchange transaction ...