Accounting 211 exam 1 - Study guides, Class notes & Summaries

ACCOUNTING 211 Liberty University -Accounting 211 Chapter 1-4 fully solved graded A+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 other ingredients from suppliers...

ACCT 211 - EXAM 1 Liberty university Question and answer already passed 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 th...

ACCT 211 - Exam 1 Liberty university Question and answer 100% correct ACCT 211 - Exam 1 __________ is called the language of business - correct answer Accounting External users - correct answer Lender, Shareholders, Governments, Consumer Groups, External Auditors, Customers Internal users: - correct answer officers, managers, internal auditors, sales staff, budget officers, controllers GAAP - correct answer Generally Accepted Accounting Principles GAAP aims to make information...

ACCT 211 - Exam 1 questions well answered graded A+__________ is called the language of business - correct answer Accounting External users - correct answer Lender, Shareholders, Governments, Consumer Groups, External Auditors, Customers Internal users: - correct answer officers, managers, internal auditors, sales staff, budget officers, controllers GAAP - correct answer Generally Accepted Accounting Principles GAAP aims to make information - correct answer relevant, reliable, compar...

ACCT 211 - Exam 1 questions with correct answersAccounting - 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 b...

ACCT 211-Liberty University EXAM 1 with verified answersImportance 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...

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...

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 other ingredients from suppliers, manufacturing beverages, delivering them to customers,...