Accounting 211 exam 1 - Study guides, Class notes & Summaries
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ACCOUNTING 211 Liberty University -Accounting 211 exam 1 graded A+ passed
- Exam (elaborations) • 21 pages • 2024
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Accounting 211 exam 1What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* 
 
Ken just started a business and made the following 3 inventory purchases in November: 
-Nov 1- 150 units @ $780 
-Nov 8- 200 units @ $1170 
-Nov 22- 200 units @ $1260 
A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory for November is: - correct answer...
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Accounting 211 exam 1 questions well answered graded A+
- Exam (elaborations) • 21 pages • 2024
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Accounting 211 exam 1 questions well answered graded A+What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* 
 
Ken just started a business and made the following 3 inventory purchases in November: 
-Nov 1- 150 units @ $780 
-Nov 8- 200 units @ $1170 
-Nov 22- 200 units @ $1260 
A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory...
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ACCOUNTING 211 Liberty University -ACCT 211 Exam 1 well answered
- Exam (elaborations) • 25 pages • 2024
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ACCT 211 Exam 1What is managerial accounting? - correct answer Provides information and analysis to managers inside the organization to assist them in decision making. 
 
Financial Accounting vs Managerial Accounting: Primary Users of Reports - correct answer Financial Accounting is external users, stockholders, creditors, and regulators. 
 
Managerial Accounting is internal users such as managers and officers. 
 
Financial Accounting vs Managerial Accounting: types/frequencies of reports - corr...
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ACCOUNTING 211 Liberty University -Accounting 211 Exam 1 with answers rated A+
- Exam (elaborations) • 12 pages • 2024
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Accounting 211 Exam 1Chapter 1 - correct answer 
 
managerial accounting - correct answer field of accounting that provides economic and financial information for managers and other internal users 
 
main differences between managerial and financial - correct answer managerial: 
-for internal users 
-doesn't have to follow GAAP 
-detailed reports for a specific decision 
-reports as frequently as needed 
 
3 activities and responsibilities of management - correct answer 1. planning 
2. directi...
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Accounting 211 Exam 1 questions well answered
- Exam (elaborations) • 12 pages • 2024
- Available in package deal
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- $14.99
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Accounting 211 Exam 1 questions well answeredChapter 1 - correct answer 
 
managerial accounting - correct answer field of accounting that provides economic and financial information for managers and other internal users 
 
main differences between managerial and financial - correct answer managerial: 
-for internal users 
-doesn't have to follow GAAP 
-detailed reports for a specific decision 
-reports as frequently as needed 
 
3 activities and responsibilities of management - correct answer...
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Accounting 211 exam 1 Liberty university Question and answers already passed
- Exam (elaborations) • 21 pages • 2024
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Available in package deal
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- $13.49
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Accounting 211 exam 1 Liberty university Question and answers already passed Accounting 211 exam 1 
 
 
What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* 
 
Ken just started a business and made the following 3 inventory purchases in November: 
-Nov 1- 150 units @ $780 
-Nov 8- 200 units @ $1170 
-Nov 22- 200 units @ $1260 
A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cos...
-
ACCOUNTING 211 Liberty University -ACCT 211 Exam 1 well answered
- Exam (elaborations) • 9 pages • 2024
- Available in package deal
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- $14.99
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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 ...
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Accounting 211 Exam 1 Liberty university Question and answer already passed
- Exam (elaborations) • 12 pages • 2024
-
Available in package deal
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- $13.99
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Accounting 211 Exam 1 Liberty university Question and answer already passed Accounting 211 Exam 1 
 
 
Chapter 1 - correct answer 
 
managerial accounting - correct answer field of accounting that provides economic and financial information for managers and other internal users 
 
main differences between managerial and financial - correct answer managerial: 
-for internal users 
-doesn't have to follow GAAP 
-detailed reports for a specific decision 
-reports as frequently as needed 
 
3 ac...
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ACCOUNTING 211 Liberty University -Accounting 211 exam 1 Debits and Credits questions n answers rated A+
- Exam (elaborations) • 3 pages • 2024
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Accounting 211 exam 1 Debits and CreditsAssets - correct answer increase with debits 
decrease with credit 
 
Liabilities - correct answer decrease with debits 
increase with credits 
 
Shareholder's equity - correct answer decrease with debits 
increase with credits 
 
Normal balance - correct answer increase side of t-chart 
 
Revenues 
Expenses - correct answer increase shareholders' equity = credit 
decrease shareholders' equity = debit 
 
The accounting cylce - correct answer 1. Analyze...
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ACCOUNTING 211 Liberty University -ACCT-211 Exam 1 Questions & Answer
- Exam (elaborations) • 3 pages • 2024
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ACCOUNTING 211 Liberty University -ACCT-211 Exam 1 Questions & AnswerA statement of cash flows is generated to show - correct answer The inflow and outflow of cash during the time period 
 
Which of the following sections of the statement of cash flows is presented differently between the direct and indirect method? - correct answer Operating activities 
 
Which of the following is the typical order of the sections on a statement of cash flows? - correct answer Operating, Investing, financing 
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