Acc 201 - Study guides, Class notes & Summaries

Acc 201 CSULB midterm 1Determines whether the company complied with tax laws - correct answer Internal Revenue Service Determines whether the company can pay its obligations - correct answer Creditors Determines whether an advertising proposal will be cost-effective - correct answer Marketing managers Determines whether the company's net income will result in a stock price increase - correct answer Investors in common stock Determines whether company should employ debt or equity fin...

Neil owns a sporting goods store. In his accounting records, he included his personal computer and all of his personal sporting gear. Neil is violating what principle of accounting?Business entity Dental offices and law firms are service businesses.True Business owners are paid interest on the money they have invested in the business.False Beginning Retained Earnings are $ 35 comma 000; sales are $ 55 comma 800; expenses are $ 44 comma 100 and dividends paid are $ 2 comma 800. How much...

ong term investments - Answer are expected to be held for more than one year or the operating cycle. Examples: notes receivable and investments in stocks and bonds expected to be held for more than the longer of one year or the operating cycle. plant assets - Answer are tangible long-lived assets used to produce or sell products and services. Examples: equipment, machinery, buildings, and land that are used to sell products and services. Also called property, plant, and equipment (PP&E) ...

Who is Alpha Kappa Alpha Sorority's chief officer? What is her role? (3 roles) - Answer Supreme Basileus 1.She presides all meetings of the Boule and Directorate. 2. She appoints the chairmen and members of all committees of the sorority, and fill any vacancies except as otherwise provided for in the Bylaws. 3. She supervises over employed personnel and over the Boule. When would you be eligible to run for this office? (3 reasons) - Answer After serving at least one term as a Basileus of...

SNHU Financial Accounting ACC 201 Milestone One Workbook Southern New Hampshire University

Liabilities of a company are owed to creditors Which of the following is not a reason one set of international accounting standards are needed? All of these answer choices are reasons one set of international accounting standards are needed. If expenses are paid in cash, then assets will decrease If an owner makes a withdrawal of cash from a proprietorship, then owner's equity will decrease Net income for the period is determined by subtracting total expenses and drawings from total...

two forms of income statements - Answer single-step in- come statement and multiple- step income statement. Single-step income statement: - Answer Net Income = Total Revenues - Total Expenses IN INCOME STATEMENT: REVENUE AND EXPENSES then NET INCOME Multiple-Step Income Statement: - Answer it Highlights the components of net income Three important line items

2% of $20,000 - Answer A company receiving payments of a $20,000 accounts receivable within 10 days with terms of 2/10, n/30, would record a sales discount of: Depreciation expense for the year is $72,000 - Answer Equipment purchased at the beginning of the year for $200,000 with a residual value of $20,000 is being depreciated over a 5 year period of using the double-declining balance method. Which of the following statements is correct concerning the financial statement at the end of the ...

Short-term Investment - Answer Are securities held by a company that are readily marketable and intended to be converted into cash within the next year or operatin cycle, whichever is longer Readily Marketable - Answer An investment is readily marketable when it can be sold easily whenever the need for cash arises Management's Intent to Convert - Answer Management intends to sell the investment within the next year or operating cycle, whichever is longer

ACC 201 Quiz 1 (Chapter 1-2) questions and answers 2025 already graded A+