Accounting 201 - Study guides, Class notes & Summaries

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ACCOUNTING 201 FINAL STORMBERG Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

Accounting 201 Final Exam Review Chapters 1-11 With Complete Solutions 2024Which if the following is not a step in the accounting process a. identification b. economic entity c. recording d. communication - correct answer-b. economic entity Which of the following statements about users of accounting information is incorrect? a. management is an internal user b. taxing authorities are external users c. present creditors are external users d. regulatory authorities are internal user...

In its first year of business, Miss Take, the bookkeeper, erroneously recorded $10,000 of product costs as period costs. Sixty percent of the inventory has been sold. Which of the following are correct? (Select all that apply.) correct answers Inventory is understated by $4,000 Cost of Goods Sold is understated by $6,000 Twisted Pretzel, Inc. had beginning Work-in-Process Inventory (WIP) of $10,000 and makes only one product. It incurred the following costs during the year: Factory producti...

Sole Proprietorship - ️️business owned by one person simple to establish owner controlled tax advantages owner personally liable financially difficult Partnership - ️️2 or more owners simple to establish shared control broader skills and resources tax advantages personally liable Corporation - ️️separate legal entity owned by stockholders easy to transfer ownership greater capital raising potential unfavorable tax treatment lower legal liabilities for owners...

If goods in transit are shipped FOB destination A. no one has legal title to the goods until they are delivered. B. the transportation company has legal title to the goods while the goods are in transit. C. the seller has legal title to the goods until they are delivered. D. the buyer has legal title to the goods until they are delivered. C Goods held on consignment are A included as part of no one's ending inventory. B never owned by the consignee. C included in the consignee's ending inve...

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Purdue University MGMT 201MGMT 201 Online Exam 1 Review ANSWERS MGMT 201 Exam 1 Review Questions – Answers Chapter 1 1. Which of the following is true? a. Managerial Accountants are "number crunchers" who provide critical information to decision makers but do not themselves contribute to the decision making process. b. The role of the managerial accountant has not changed in the last twenty years. c. Managerial accountants play an integral leadership role on an organization...

Chapter 1 True / False 1. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. a. True b. False ANSWER: POINTS: DIFFICULTY: QUESTION TYPE: HAS VARIABLES: LEARNING OBJECTIVES: ACCREDITINGSTANDARDS: DATE CREATED: DATE MODIFIED: True 1 Easy True / False False PAYR.BIEG.14.1 - LO: 1 AICPA:v1-11-FN-Reporting Blooms Taxonomy-5 - Remembering Business Program-3 - Analytic 6/6/2017 10:33 AM 6/6/2017 10:33 AM 2. The FLSA imposes no recordkeeping requirements ...