Acct 211 - Study guides, Class notes & Summaries

ACCT 211 Final ExamSeparate legal entity, Limited liability of stockholders, transferable ownership rights, continuous life, lack of mutual agency for stockholders, ease of capital accumulation. - correct answer Advantages of a corporation Government regulation, corporate taxation. - correct answer Disadvantages of a corporation Authorize stock - correct answer The number of shares that a corporations charter allows it to sell Issued stock - correct answer The amount of authorized stock...

ACCT 211 Exam Liberty university Question and answers correctly solved ACCT 211 Exam Asset, 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:

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 Liberty university Question and answers 100% correct acct 211 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 ye...

ACCT 211 Final Exam questions with verified answersSeparate legal entity, Limited liability of stockholders, transferable ownership rights, continuous life, lack of mutual agency for stockholders, ease of capital accumulation. - correct answer Advantages of a corporation Government regulation, corporate taxation. - correct answer Disadvantages of a corporation Authorize stock - correct answer The number of shares that a corporations charter allows it to sell Issued stock - correct answe...

ACCT 211 EXAM 2 Accounting Cycle - correct answer Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trail balance (or reverse entries) Classified Balance Sheet - correct answer Balance sheet that presents assets and liabilities in relevant subgroups, including current and noncurrent classifications Closing Entries - correct answer Entries recorded at the end of each accounting period to transfer end-of-period bal...

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...

ACCT 211 Final Exam Liberty university Question and answers verified to passACCT 211 Final Exam False - 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 ...

ACCT 211 EXAM 2 questions with answers graded A+Accounting Cycle - correct answer Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trail balance (or reverse entries) Classified Balance Sheet - correct answer Balance sheet that presents assets and liabilities in relevant subgroups, including current and noncurrent classifications Closing Entries - correct answer Entries recorded at the end of each accounting perio...

ACCT 211 Quiz 1Accounting is also known as... - correct answer The language of business Accounting - correct answer An information system and measurement system that identifies, records, and communicates information about an organization's business activities Managerial Accounting - correct answer Area of accounting aimed mainly at serving the decision-making needs of internal users; also called the management accounting Ethics - correct answer beliefs that distinguish right from wrong...