Acct 2102 - Study guides, Class notes & Summaries

ACCT 2102 Questions and Answers | Latest Version | 2024/2025 | 100% Verified What is the definition of a contingent liability? A contingent liability is a potential obligation that may arise depending on the outcome of a future event, such as a lawsuit. Explain the term "capital expenditures." Capital expenditures are funds used by a company to acquire or upgrade physical assets such as property, buildings, or equipment. What is an operating cycle? An operating cycle is th...

Both direct materials and indirect materials are a. manufacturing overhead. b. raw materials. c. merchandise inventory. d. sold directly to customers by a manufacturing company.b. raw materials. The contribution margin ratio for Carol's Card Shop is 10%. For each $1.00 of sales, how much is generated in contribution margin? A. $0.10 B. $100.00 C. $10.00 D. $1.00A. $0.10

ACCT 2102 Test 3 Questions and Answers | Latest Version | 2024/2025 | Rated A+ What is a financial statement analysis? Financial statement analysis involves evaluating a company’s financial statements to assess its performance and make informed decisions. Define "ratio analysis." Ratio analysis is a quantitative method used to compare financial data and assess a company's financial health through various ratios. What does the term "current ratio" measure? The curren...

ACCT 2102 - Conceptual Questions (Test 1) [Farmer] | Latest Version | 2024/2025 | Graded A+ Define the accounting equation. Assets = Liabilities + Equity. What is the role of generally accepted accounting principles (GAAP)? GAAP provides a framework for consistent financial reporting. What is the difference between cash basis and accrual basis accounting? Cash basis recognizes revenue and expenses when cash is exchanged, while accrual basis recognizes them when they are earned o...

Ch. 1 Financial and Managerial accounting are similar in that both A. provide information primarily to external users. B. are designed to meet the needs of managers. C. are regulated by outside regulatory agencies and commissions. D. primarily emphasize future operating results and goals. E. use information provided by the internal accounting system. E. use information provided by the internal accounting system.

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ACCT 2102 UGA, Amanda Farmer, Exam 1 Questions and Answers | Latest Update | 2024/2025 | Already Passed What is the primary purpose of financial accounting? To provide financial information about a business to external users for decision-making. What does a balance sheet report? The balance sheet reports a company’s assets, liabilities, and shareholders’ equity at a specific point in time. What is the equation for the accounting equation? Assets = Liabilities + Shareholders...

ACCT 2102: UGA, Farmer- Chapter 11 Conceptual | Latest Update | 2024/2025 | Rated A+ What is the purpose of a budget? The purpose of a budget is to provide a financial plan that helps an organization allocate resources effectively and control expenses. Define "variance analysis." Variance analysis is the process of comparing actual financial performance to budgeted performance to identify discrepancies and understand their causes. What is a flexible budget? A flexible budg...

ACCT 2102 Farmer Test 1 Questions and Answers | Latest Update | 2024/2025 | 100% Verified What is the function of a ledger in accounting? A ledger is a book or digital record that contains all the accounts for a company, tracking all financial transactions in detail. Explain the term "journal entry" in accounting. A journal entry is a record of a transaction that includes the date, accounts affected, amounts debited and credited, and a brief description. What is meant by "v...

ACCT 2102 UGA Farmer- Ch 10 | Latest Update | 2024/2025 | Already Passed What is decentralization in accounting? Decentralization refers to the delegation of decision-making authority to lower levels of management within an organization. What are the advantages of decentralization? Decentralization allows for faster decision-making, improves motivation at lower levels, and enables managers to specialize in their areas of expertise. Define "responsibility center." A responsibi...