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1 Exam (elaborations) ACCOUNTING 211 Liberty University -Accounting 211 Chapter 1-4 fully solved graded A+ 2 Exam (elaborations) Accounting 211 exam 1 Debits and Credits well answered 3 Exam (elaborations)

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ACCOUNTING 211 Liberty University -ACCT-211 Exam 1 Questions & Answer

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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...

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ACCT 211-Liberty University EXAM 1 with verified answers

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ACCT 211-Liberty University EXAM 1 with verified answersImportance of Accounting - correct answer Identifying, Recording, Communicating Users of Financial Information - correct answer 1. Internal 2. External Internal Users - correct answer Internal users of accounting information ARE directly...

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acct 211 questions with answers graded A+

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acct 211 questions with answers graded A+The accounting equation can be restated as: Assets + Liabilities = Equity. - correct answer False From an accounting perspective, an event is a happening that affects the accounting equation but cannot be measured. - correct answer False The balance col...

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acct 211 test 1 questions with 100% correct answers

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acct 211 test 1 questions with 100% correct answersservice company - correct answer Provides a service - does something for you instead of providing something to you ex. lion tutors merchandising company - correct answer Buys goods, adds value to the goods and then resells the goods with added v...

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ACCT 211 Quiz 1 with verified solutions graded A+

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ACCT 211 Quiz 1 with verified solutions graded A+Accounting is also known as... - correct answer The language of business Accounting - correct answer An information system and measurement system that identifies, records, and communicates information about an organization's business activities ...

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Acct 211 Quiz #1 questions with correct answers graded A+

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Acct 211 Quiz #1 questions with correct answers graded A+Measurement Principle - correct answer (also called the cost principle) means that accounting information is based on actual cost Revenue Recognition Principle - correct answer Provides guidance on when a company must recognize revenue M...

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acct 211 midterm #1 questions with complete solutions

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acct 211 midterm #1 questions with complete solutionsWhat section of a cash flow statement shows the cash spent on new equipment during the past accounting period? - correct answer The investing section Corporations generally receive more favorable tax treatment than sole proprietorships and part...

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ACCT 211 Final Exam questions with verified answers

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ACCT 211 Final Exam questions with verified answersSeparate legal entity, Limited liability of stockholders, transferable ownership rights, continuous life, lack of mutual agency for stockholders, ease of capital accumulation. - correct answer Advantages of a corporation Government regulation, co...

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ACCT 211 Final Exam questions well answered graded A+

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ACCT 211 Final Exam questions well answered graded A+False - correct answer Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements Assets=Liability + Equity - correct answer Accounting Equation False - correct answer From a...

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ACCT 211 Exam questions with complete solutions

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ACCT 211 Exam questions with complete solutionsAsset, Liability, or Equity: Accounts Payable - correct answer Liability Asset, Liability, or Equity: Accounts Recievable - correct answer Asset Asset, Liability, or Equity: Equipment - correct answer Asset Asset, Liability, or Equity...

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ACCT 211 Exam 3 questions n answers graded A+

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ACCT 211 Exam 3 questions n answers graded A+(Ch. 7) Long-Term Assets Tangible Asset - correct answer Material: Land, buildings, equipment, etc. (Ch. 7) Long-Term Assets Intangible Asset - correct answer Non-material: Patents, trademarks, copyrights, etc. (Ch. 7) Long-Term Assets Tangible a...

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ACCT 211 EXAM 2 questions with answers graded A+

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ACCT 211 EXAM 2 questions with answers graded A+Accounting Cycle - correct answer Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trail balance (or reverse entries) Classified Balance Sheet - correct answer Balance she...

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ACCT 211 Exam 2 USD questions with 100% correct answers

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ACCT 211 Exam 2 USD questions with 100% correct answers product testing cost - correct answer which of the following is an example of appraisal costs for quality management? false - correct answer businesses should invest up front in internal and external failure costs to reduce prevention and a...

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ACCT 211 Exam 1 questions well answered

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ACCT 211 Exam 1 questions well answered What 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 Accou...

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ACCT 211 Exam 1 questions with correct answers graded A+

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ACCT 211 Exam 1 questions with correct answers graded A+ What 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 acco...

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Acct 211 chapters 20, 21, 22 questions with answers graded A+

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Acct 211 chapters 20, 21, 22 questions with answers graded A+A major purpose of cost accounting is to - correct answer Measure, record, and report product costs Usually, under- or overapplied overhead is considered to be an adjustment to - correct answer cost of goods sold If manufacturing ove...

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ACCOUNTING 211 Liberty University -ACCT 211: Chapter 1, Financial Accounting fully solved

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ACCOUNTING 211 Liberty University -ACCT 211: Chapter 1, Financial Accounting fully solvedRevenue Recognition - correct answer Revenue is recognized and recorded when earned. Matching - correct answer Expenses are recorded in the time period when they are incurred to generate revenues Cost - co...

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ACCT 211 CH 1-3 questions with 100% correct answers

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ACCT 211 CH 1-3 questions with 100% correct answersaccounting - correct answer An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities bookkeeping - correct answer The recording of...

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ACCT 211 - EXAM 2 - KOSS fully solved graded A+

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ACCT 211 - EXAM 2 - KOSS fully solved graded A+days' sales uncollected - correct answer (Accounts receivable/ net sales) x 365 current ratio - correct answer current assets/ current liabilities acid test ratio - correct answer (cash and cash equivs + short term investments + current receivabl...

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ACCT 211 - Exam 1 questions well answered graded A+

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ACCT 211 - Exam 1 questions well answered graded A+__________ is called the language of business - correct answer Accounting External users - correct answer Lender, Shareholders, Governments, Consumer Groups, External Auditors, Customers Internal users: - correct answer officers, managers, int...

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ACCT 211 - Exam 1 questions with correct answers

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ACCT 211 - Exam 1 questions with correct answersAccounting - correct answer Information and measurement system that identifies, records, and communicates relevant information about a company's business activities. Accounting Equation - correct answer Equality involving a company's assets, liabi...

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Accounting 211 questions with answers

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Accounting 211 questions with answersAccounting Transactions - correct answer -Economic events that require recording in the financial statements -Exchange of assets, liabilities, and stockholders equity Accounting Equation - correct answer Assets = Liabilities + Stockholders' Equity Transac...

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Accounting 211 fully solved

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Accounting 211 fully solvedShare of common stock - correct answer certificates of ownership in a corporation Dividends - correct answer earnings of a corporation distributed to owners Fiscal Year - correct answer a year in the life of a business, does not have to match a calendar year Princ...

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Accounting 211 questions with correct answers

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Accounting 211 questions with correct answersGenerally Accepted Accounting Principles (GAAP) - correct answer aims to make information relevant, reliable, and comparable Accounting Equation - correct answer Assets=Liabilities Equity Assets - correct answer resources a company owns or controls,...

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Accounting 211 Test 1 (chapters 1-4)fully solved graded A+

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Accounting 211 Test 1 (chapters 1-4)fully solved graded A+Financial accounting - correct answer providing information about the financial resources, obligations and activities of an economic entity that is intended for use primarily by external decision makers, investors and creditors Generally A...

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Accounting 211 Quiz- Chapters 1 & 2 questions and answers

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Accounting 211 Quiz- Chapters 1 & 2 questions and answers accounting - correct answer an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable info about an organization's business activities external users - correct answer not directly ...

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Accounting 211 Final Exam questions & answers rated A+

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Accounting 211 Final Exam questions & answers rated A+Corporation advantages - correct answer separate legal entity (takes actions through agents) limited liabilities of stockholders transferable ownership rights continuous life lack of mutual agency (stockholders cannot bind corporation...

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Accounting 211 Final Exam Koss questions with 100% correct answers

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Accounting 211 Final Exam Koss questions with 100% correct answersAdvantages of Corporations - correct answer Separate Legal Entity Limited Liability of Stockholder Unlimited Life Ease of Capital Accumulation Disadvantages of Corporations - correct answer Corporate Taxation Government Regulat...

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Accounting 211 Exam 1 questions well answered

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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 manageri...

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Accounting 211 exam 1 questions well answered graded A+

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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 @ ...

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Accounting 211 exam 1 Debits and Credits well answered

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Accounting 211 exam 1 Debits and Credits well answeredAssets - 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...

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