Accounting 211 - Study guides, Class notes & Summaries

Accounting 211 Final ExamCorporation 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/double taxation authorized stock - correct answer number of shares that a corporation's ...

Accounting 211 Exam 1 questions well answeredChapter 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 activities and responsibilities of management - correct answer...

Accounting 211 Liberty university Question and answers verified to pass Accounting 211 Accounting Transactions - correct answer -Economic events that require recording in the financial statements -Exchange of assets, liabilities, and stockholders equity Accounting Equation - correct answer Assets = Liabilities + Stockholders' Equity Transaction Analysis - correct answer The process of identifying the specific effects of economic events on the accounting equation Stockholders' E...

ACCT 211 Final ExamFalse - correct answer Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements Assets=Liability + Equity - correct answer Accounting Equation False - correct answer From an accounting perspective, an event is a happening that affects the accounting equation, but cannot be measured Accounts Payable - correct answer All of the following are assets except: Accounts Payable Accounts Receivable Cash ...

ACCT 211 Exam 3(Ch. 7) Long-Term Assets Tangible Asset - correct answer Material: Land, buildings, equipment, etc. (Ch. 7) Long-Term Assets Intangible Asset - correct answer Non-material: Patents, trademarks, copyrights, etc. (Ch. 7) Long-Term Assets Tangible and intangible assets are recorded in the _____________________ - correct answer Balance sheet (Ch. 7) Long-Term Assets We record a __________________ at its cost PLUS all expenditures necessary - correct answer Long-term asset...

Accounting 211- Liberty university Question and answers correctly solvedAccounting 211 Share of common stock - correct answer certificates of ownership in a corporation Dividends - correct answer earnings of a corporation distributed to owners Fiscal Year - correct answer a year in the life of a business, does not have to match a calendar year Principal - correct answer amount a loan is made for Interest - correct answer cost of borrowing money Sole Proprietorship - correct...

ACCT 211 - Exam 1 Accounting - correct answer Information and measurement system that identifies, records, and communicates relevant information about a company's business activities. Accounting Equation - correct answer Equality involving a company's assets, liabilities, and equity; Assets = Liabilities + Equity; also called balance sheet equation Assets - correct answer Resources a business owns or controls that are expected to provide current and future benefits to the business. A...

ACCT 211 Exam 1What is the primary purpose of financial accounting? - correct answer To measure business activities of a company and then communicate them to external parties for decision making purposes. Distinguish between managerial and financial accounting. - correct answer +Managerial-Accounting information that is provided for internal users (Managers). +Financial-Accounting information that is provided for external users. Limited liability. - correct answer Prevents stockholders ...

Accounting 211 questions with correct answersGenerally Accepted Accounting Principles (GAAP) - correct answer aims to make information relevant, reliable, and comparable Accounting Equation - correct answer Assets=Liabilities Equity Assets - correct answer resources a company owns or controls, these resources are expected to yield future benefits Liabilities - correct answer Creditors' claims on an organization's assets; involves a probable future payment of assets, products, or servi...

Accounting 211 Final Exam questions & answers rated A+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/double taxation authorized stock - correct answer number of ...