ACCOUNTING 211

acct 211The accounting equation can be restated as: Assets + Liabilities = Equity. - correct answer False From an accounting perspective, an event is a happening that affects the accounting equation but cannot be measured. - correct answer False The balance column in a ledger account is: - correct answer A column for showing the balance of the account after each entry is recorded. If a company reporting on a calendar year basis paid $18,000 cash on January 1 for one year of rent in adva...

ACCT 211-Liberty University EXAM 1Importance of Accounting - correct answer Identifying, Recording, Communicating Users of Financial Information - correct answer 1. Internal 2. External Internal Users - correct answer Internal users of accounting information ARE directly involved in managing and operating an organization. External Users - correct answer External users of accounting information are NOT directly involved in running the organization 3 Parts of the Fraud Triangle - corr...

ACCT-211 Exam 1 Questions & AnswerA statement of cash flows is generated to show - correct answer The inflow and outflow of cash during the time period Which of the following sections of the statement of cash flows is presented differently between the direct and indirect method? - correct answer Operating activities Which of the following is the typical order of the sections on a statement of cash flows? - correct answer Operating, Investing, financing The activities that are included i...

Accounting 211 Chapter 1-4 Liberty university Questions with complete solution Accounting 211 Chapter 1-4 Three types of businesses are - correct answer 1. Financing Activities: borrowing or paying back money to lenders and receiving additional funds from stockholders or paying them dividends 2. Investing Activities: buying or selling items such as plant and equipment used in the production of beverages. 3. Operating Activities: the day-to-day process of purchasing raw tea and othe...

Accounting 211 exam 1 Debits and Credits Liberty university Question and answer verified to pass Accounting 211 exam 1 Debits and Credits Assets - correct answer increase with debits decrease with credit Liabilities - correct answer decrease with debits increase with credits Shareholder's equity - correct answer decrease with debits increase with credits Normal balance - correct answer increase side of t-chart Revenues Expenses - correct answer increase shareholders' eq...

Accounting 211 exam 1 Liberty university Question and answers already passed Accounting 211 exam 1 What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cos...

Accounting 211 Exam 1 Liberty university Question and answer already passed Accounting 211 Exam 1 Chapter 1 - correct answer managerial accounting - correct answer field of accounting that provides economic and financial information for managers and other internal users main differences between managerial and financial - correct answer managerial: -for internal users -doesn't have to follow GAAP -detailed reports for a specific decision -reports as frequently as needed 3 ac...

Accounting 211 Final Exam Koss Liberty university Question and answers rated A+Accounting 211 Final Exam Koss Advantages of Corporations - correct answer Separate Legal Entity Limited Liability of Stockholder Unlimited Life Ease of Capital Accumulation Disadvantages of Corporations - correct answer Corporate Taxation Government Regulation Authorized Stock - correct answer # of shares a company's charter allows it to sell (Usually exceeds issued stock) Issued Stock - correct a...

Accounting 211 Final Exam Liberty university Question and answers already passed Accounting 211 Final Exam Corporation advantages - correct answer separate legal entity (takes actions through agents) limited liabilities of stockholders transferable ownership rights continuous life lack of mutual agency (stockholders cannot bind corporation to contracts) ease of capital accumulation corporation disadvantages - correct answer government regulation corporate taxation/doub...

Accounting 211 Quiz- Chapters 1 & 2Liberty university Question and answers 100% correct Accounting 211 Quiz- Chapters 1 & 2 accounting - correct answer an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable info about an organization's business activities external users - correct answer not directly involved in running organization (investors, lenders, suppliers, lawyers, customers) financial accounting aimed at - correct ans...