What is the acct equation - Study guides, Class notes & Summaries

ACCT ASP Ch. 1 100% SOLUTION Which of the following users is not considered an internal user of accounting information? A. An employee B. A small business owner C. A manager D. A supplier - ANSWER D Which of the following users is not considered an external user of accounting information? A. The government B. A creditor C. An investor D. A manager - ANSWER D Which of the following is not accurate when it pertains to managerial accounting? A. Uses both financial accounting inform...

Chapter 1 1.The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2.The right to receive money in the future is called a(n) a. account payable. b. account receivable. c. liability. d. revenue. 3.Borrowing money is an example of a(n) a. delivering activity. b. financing activity. c. investing activity. d. operating activity. 4.Which activities inv...

ACCT 212 Week 4 Midterm Exam LATEST EXAM 2023 VERIFIED EXAM 100%

Chapter 1 1.The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2.The right to receive money in the future is called a(n) a. account payable. b. account receivable. c. liability. d. revenue. 3.Which of the following is not a principal type of business activity? a. Operating b. Investing c. Financing d. Delivering 4.Borrowing money is an exampl...

Accounting - correct answer Information system that identifies, records and communicates the economic events Income Statement - correct answer To show how sucessfully your business performed during a certain time (Revenues and Expenses) Retained Earnings Statement - correct answer How much previous income was distributed to owners and how much was retained for future growth - Add Net Income. Deduct Dividends. Balance Sheet - correct answer At a point in time showing...

ACCT 2101 Final Exam Study Guide Solutions Chapters 1 - 12 ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receiva...

ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receivable. c. liability. d. revenue. 3. Borrowing money is an example of a(n) a. delivering activity. b. financing activity. c. inves...

COB SEE: Accounting Review Exam Questions With Correct Answers Who are the four users of financial information? - answer1. individuals 2. investors and creditors 3. regulators 4. management (acct 1 - 1.1) What are the two kinds of accounting? - answer1. financial 2. management (acct 1 - 1.2) What is financial mangement? - answerproviding information for decision making to outside users (acct 1 - 1.2) What is management accounting? - answerproviding information for decision making to...

ACCT 212 Week 4 Midterm (Version 2) 1. Question : (TCO 1) The Accounting Equation is used to develop the organization's financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners' Equity is $50,000 by showing the Accounting Equation (10 points), and (2) provide an example of two asset accounts that could contain the value. (10 points) Student Answer: Equity= Assets- Liabilities Liabilities = Assets - Equity 50,000- 12,000= 38,000 Two types...

ACCT 504 - Accounting Quiz 1. Questions and Answers. Please describe the purpose of the Balance Sheet and the interrelationship between the balance sheet and the other major financial statements that we covered in this class. In your answer, please also address which financial statements should be created before the Balance Sheet, if any, and which financial statements need to be completed after the Balance Sheet, if any Solution 1. Purpose of the Balance Sheet Another nomenclature of b...