Acct 211 - Study guides, Class notes & Summaries

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ACCT 211 Final Exam with 100% correct answers
  • ACCT 211 Final Exam with 100% correct answers

  • Exam (elaborations) • 8 pages • 2024
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  • 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...
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ACCT 211 Exam Liberty university Question and answers correctly solved
  • ACCT 211 Exam Liberty university Question and answers correctly solved

  • Exam (elaborations) • 11 pages • 2024
  • 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:
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ACCT 211 - Exam 1 questions well answered graded A+
  • ACCT 211 - Exam 1 questions well answered graded A+

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  • 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...
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ACCT 211 Final Exam questions with verified answers
  • ACCT 211 Final Exam questions with verified answers

  • Exam (elaborations) • 8 pages • 2024
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  • 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...
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ACCOUNTING 211 Liberty University -acct 211 questions with correct answers rated A+
  • ACCOUNTING 211 Liberty University -acct 211 questions with correct answers rated A+

  • Exam (elaborations) • 11 pages • 2024
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  • 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...
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acct 211 Liberty university Question and answers 100% correct
  • acct 211 Liberty university Question and answers 100% correct

  • Exam (elaborations) • 11 pages • 2024
  • 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...
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ACCOUNTING 211 Liberty University -ACCT 211 EXAM 2 with answers 100% correct
  • ACCOUNTING 211 Liberty University -ACCT 211 EXAM 2 with answers 100% correct

  • Exam (elaborations) • 7 pages • 2024
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  • 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...
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ACCT 211 Final Exam Liberty university Question and answers verified to pass
  • ACCT 211 Final Exam Liberty university Question and answers verified to pass

  • Exam (elaborations) • 11 pages • 2024
  • 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 ...
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ACCT 211 EXAM 2 questions with answers graded A+
  • ACCT 211 EXAM 2 questions with answers graded A+

  • Exam (elaborations) • 7 pages • 2024
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  • 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...
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ACCT 211 - EXAM 1 Liberty university Question and answer already passed
  • ACCT 211 - EXAM 1 Liberty university Question and answer already passed

  • Exam (elaborations) • 10 pages • 2024
  • 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...
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