Acct 2101 - Study guides, Class notes & Summaries
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ACCT 2101 FINAL EXAM STUDY GUIDE CHAPTER 1 - 12 Questions with completed solutions
- Exam (elaborations) • 19 pages • 2022
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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. investing activity. 
d. operating activity. 
4.Which activities inv...
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ACCT 2101 EXAM 1 STUDY GUIDE CHAPTER 1-3 QUESTIONS AND ANSWERS
- Exam (elaborations) • 13 pages • 2022
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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.Which of the following is not a principal type of business activity? 
a. Operating 
b. Investing 
c. Financing 
d. Delivering 
4.Borrowing money is an exampl...
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ACCT 2101 Exam 2 Study Guide Chapters 4, 5, & 7 QUESTIONS WELL ANSWERED UPDATED 2022
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Chapter 4 
1.The periodicity assumption states that: 
a. a transaction can only affect one period of time. 
b. estimates should not be made if a transaction affects more than one time period. 
c. adjustments to the enterprise's accounts can only be made in the time period when 
the business terminates its operations. 
d. the economic life of a business can be divided into artificial time periods. 
2.One of the accounting concepts upon which adjustments for prepayments and accruals are 
based is...
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ACCT 2101 EXAM 1 STUDY GUIDE CHAPTERS 1 – 3 (TESTBANK)
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ACCT 2101 EXAM 1 STUDY GUIDE 
CHAPTERS 1 – 3 (TESTBANK)
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Acct 2101 EXAMS BUNDLE. LATEST UPDATES.
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Acct 2101 Top Exam Questions and answers, 100% Accurate. Graded A .
Want to regain your expenses?
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Test Review Exam 1- accounting - Foundations of Financial and Managerial Accounting
- Exam (elaborations) • 13 pages • 2023
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ACCT 2101 
Exam 1 – Test Review 
 
 
I try to include everything I can think of in your test review but please understand that anything I have touched on is fair game for the test. You will never be tested on something that is not in your lecture notes or that I have not talked about in one of my lectures. I don’t test a lot with definitions – my tests are more practice based. If you can do a journal entry then I know that you understand the normal balance of accounts and what each account...
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ACCT 2101 Exam 1 Study Guide Chapters 1 – 3 questions with answers 2022
- Exam (elaborations) • 13 pages • 2022
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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.Which of the following is not a principal type of business activity? 
a. Operating 
b. Investing 
c. Financing 
d. Delivering 
4.Borrowing money is an example of a(n) 
...
-
ACCT 2101 Exam 1 Study Guide Chapters 1 – 3 questions with answers 2022
- Exam (elaborations) • 13 pages • 2022
-
- $9.49
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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.Which of the following is not a principal type of business activity? 
a. Operating 
b. Investing 
c. Financing 
d. Delivering 
4.Borrowing money is an example of a(n) 
...
-
ACCT 2101 Exam 1 (CH 1-4)
- Exam (elaborations) • 14 pages • 2023
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ACCT 2101 Exam 1 (CH 1-4)
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Acct 2101 Top Exam Questions and answers, 100% Accurate. Graded A+
- Exam (elaborations) • 12 pages • 2023
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Available in package deal
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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...
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