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

ACCT 211 - EXAM 2 - KOSSdays' sales uncollected - correct answer (Accounts receivable/ net sales) x 365 current ratio - correct answer current assets/ current liabilities acid test ratio - correct answer (cash and cash equivs + short term investments + current receivables)/ current liabilities current liabilities - correct answer payables and unearned rev current assets - correct answer cash, short term investments, a/r, notes receivable, inventory, prepaids how many entries do y...

ACCT 211 - EXAM 2 - KOSS fully solved graded A+days' sales uncollected - correct answer (Accounts receivable/ net sales) x 365 current ratio - correct answer current assets/ current liabilities acid test ratio - correct answer (cash and cash equivs + short term investments + current receivables)/ current liabilities current liabilities - correct answer payables and unearned rev current assets - correct answer cash, short term investments, a/r, notes receivable, inventory, prepaids ...

ACCT 211 Exam 1What is the primary purpose of financial accounting? - correct answer To measure business activities of a company and then communicate them to external parties for decision making purposes. Distinguish between managerial and financial accounting. - correct answer +Managerial-Accounting information that is provided for internal users (Managers). +Financial-Accounting information that is provided for external users. Limited liability. - correct answer Prevents stockholders ...

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 - correct answer relevant, reliable, comparable Relevant information _____...

ACCT 211-Liberty University EXAM 1...

ACCT 211 Exam 1- Questions and Answers; Liberty University-ACCT 211 Exam 1- Questions and Answers; Liberty University/ACCT 211 Exam 1- Questions and Answers; Liberty University Question 1 Use the following information for Meeker Corp. to determine the amount of equity to report. Question 2 Arrow's net income of $118 million and average assets of $1,500 million results in a return on assets of 7.87%. Question 3 If a company is considering the purchase of a parcel of land that was acquired by the...

Exam (elaborations) Liberty University ACCT 370 Exam 3 Complete solution Liberty University ACCT 370 Exam 3 Complete solution 100% satisfied: solutions 1. Under IFRS, deferred taxes: 2. Which of the following items used for resolving intra-firm comparisons is not generally disclosed? 3. Which of the following does not properly describe the presentation by the lessor under ASC 842? 4. Which of the following statements is correct with respect to the use of fair value accounting for lia...

Exam (elaborations) Liberty University ACCT 370 Exam 4 Complete solution Liberty University ACCT 370 Exam 4 Complete solution 100% satisfied: solutions 1. Condensed financial data are presented below for the Phoenix Corporation: 2. 3. 2019 4. 5. 2018 6. Accounts receivabl e 8. 267,500 9. 10.11.$ 12.230,00 0 13. 14.Inventory 15. 16.312,500 17. 18.19. 20.257,50 0 21. 22.Total current assets 23. 24.670,000 25. 26.27. 28.565,00 0 29. 30.Intangibl e assets 31. 32.50,000 3...

Liberty University ACCT 370 Exam 4 Complete solution Liberty University ACCT 370 Exam 4 Complete solution 100% satisfied: solutions 1. Condensed financial data are presented below for the Phoenix Corporation: 2. 3. 2019 4. 5. 2018 6. Accounts receivabl e 8. 267,500 9. 10.11.$ 12.230,00 0 13. 14.Inventory 15. 16.312,500 17. 18.19. 20.257,50 0 21. 22.Total current assets 23. 24.670,000 25. 26.27. 28.565,00 0 29. 30.Intangibl e assets 31. 32.50,000 33. 34.35. 36.60,0003...

Liberty University ACCT 370 Exam 3 Complete solution Liberty University ACCT 370 Exam 3 Complete solution 100% satisfied: solutions 1. Under IFRS, deferred taxes: 2. Which of the following items used for resolving intra-firm comparisons is not generally disclosed? 3. Which of the following does not properly describe the presentation by the lessor under ASC 842? 4. Which of the following statements is correct with respect to the use of fair value accounting for liabilities under IFRS?...