Acct 2101 exam 2 - Study guides, Class notes & Summaries

Acct 2101 Exam 2 Top Questions and answers, 100% Accurate, graded A+ The term "recognition" means to report an economic event in the financial statements TRUE The term "accrual" describes an earnings event that is recognized before cash is paid or received TRUE The cost of a resource that will produce revenue in the future is an asset. TRUE Adjusting entries never affect a business's cash account TRUE An adjusting entry to accrue salary expense is a claims exchange transaction ...

Chapter 4 1.The periodicity assumption states that: a. a transaction can only affect one period of time. b. estimates should not be made if a transaction affects more than one time period. c. adjustments to the enterprise's accounts can only be made in the time period when the business terminates its operations. d. the economic life of a business can be divided into artificial time periods. 2.One of the accounting concepts upon which adjustments for prepayments and accruals are based is...

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...

ACCT 2101 Exam 1 – Test Review I try to include everything I can think of in your test review but please understand that anything I have touched on is fair game for the test. You will never be tested on something that is not in your lecture notes or that I have not talked about in one of my lectures. I don’t test a lot with definitions – my tests are more practice based. If you can do a journal entry then I know that you understand the normal balance of accounts and what each account...

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...

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...

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...

Acct 2101 Exam 2, Top Exam Question and answers, 100% Accurate, rated A+ The term "recognition" means to report an economic event in the financial statements--TRUE The term "accrual" describes an earnings event that is recognized before cash is paid or received--TRUE The cost of a resource that will produce revenue in the future is an asset.--TRUE Adjusting entries never affect a business's cash account--TRUE An adjusting entry to accrue salary expense is a claims exchange tr...

Chapter 4 1.The periodicity assumption states that: a. a transaction can only affect one period of time. b. estimates should not be made if a transaction affects more than one time period. c. adjustments to the enterprise's accounts can only be made in the time period when the business terminates its operations. d. the economic life of a business can be divided into artificial time periods. 2.One of the accounting concepts upon which adjustments for prepayments and accruals are based i...