Acct 21 - Study guides, Class notes & Summaries

ACCT 211 Exam 1 questions well answered What is managerial accounting? - correct answer Provides information and analysis to managers inside the organization to assist them in decision making. Financial Accounting vs Managerial Accounting: Primary Users of Reports - correct answer Financial Accounting is external users, stockholders, creditors, and regulators. Managerial Accounting is internal users such as managers and officers. Financial Accounting vs Managerial Accounting: types/freq...

1. Question: Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: …….. The following informat ion is known for the month of December: 1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500. 2. No insurance payments are made in December. Insurance cost is $2,000 per month. 3. November salaries payable of $11,000 were paid to employees in D...

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...

ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receivable. c. liability. d. revenue. 3. Borrowing money is an example of a(n) a. delivering activity. b. financing activity. c. inves...

1. Question: Green Wave Company plans to own and operate a storage rental facility. Required: For the first month of operations, the company had the following transactions. For each transaction, des cribe the dual effect on the accounting equation. For example, in the first transaction, (1) assets increase and (2) stockholders’ equity increases. 2. Question: Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $22,900. 2. P...

ACCT 211 Exam 3 questions n answers graded A+(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 - ...

Acct 212 week 1-8 quiz correctly answered ACCT 212 Week 1 Quiz (Questions & Answers) ACCT 212 Financial Accounting Exam Help for DeVry Students Answer Explanation: The accounting equation states that Assets = Liabilities + Equity (Another way to write this statement is Liabilities = Assets – Equity). Assets are things owned by the business with future value. Cash, receivables (amounts owed to the business), office equipment, delivery trucks, and a building are all examples of assets t...

ACCT 211 ExamAsset, Liability, or Equity: Accounts Payable - correct answer Liability Asset, Liability, or Equity: Accounts Recievable - correct answer Asset Asset, Liability, or Equity: Equipment - correct answer Asset Asset, Liability, or Equity: Sales Revenue - correct answer Equity (+) Asset, Liability, or Equity: Service Revenue - correct answer Equity (+) Asset, Liability, or Equity: INventory - correct answer Asset Asset, Liability, or Equity:

acct 211 questions with answers graded A+The 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 Janua...

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...