Exam (elaborations)
ACCT 211 CH 1-3 QUESTIONS AND ANSWERS / LATEST
- Module
- Institution
ACCT 211 CH 1-3 QUESTIONS AND ANSWERS / LATEST
[Show more]
Seller
Follow
Teacher101
Reviews received
Content preview
ACCT 211 CH 1-3Steps in processing transactions - ANSWERS-1) identify transactions and source
documents
2) analyze transactions using the accounting equation
3) record journal entry
4) post entry to ledger
trial balance - ANSWERS-a list of accounts and their balances at a point in time
time period assumption - ANSWERS-presumes that an organization's activities can
be divided into specific time periods such as a month, a 3-month quarter, a 6-
month interval, or a year.
interim financial statements - ANSWERS-covering one, three, or six months of
activity
natural business year - ANSWERS-is when sales activities are at their lowest level
for the year
accrual basis accounting - ANSWERS-uses the adjusting process to recognize
revenues when earned and expenses when incurred (matched with revenues)
, cash basis accounting - ANSWERS-recognizes revenues when cash is received and
records expenses when cash is paid
expense recognition principle - ANSWERS-aims to record expenses in the same
accounting period as the revenues that are earned as a result of those expenses;
this is a major part of the adjusting process
adjusting entry - ANSWERS-made at the end of an accounting period to reflect a
transaction or event that is not yet recorded
plant assets - ANSWERS-refers to long term tangible assets used to produce and
sell produce and sell products and services
depreciation - ANSWERS-the process of allocating the costs of these assets over
their expected useful lives
straight-line depreciation - ANSWERS-allocates equal amounts of the asset's net
cost to depreciation during its useful life
contra account - ANSWERS-an account linked with another account, it has an
opposite normal balance, and it is reported as a subtraction from that other
account's balance
book value - ANSWERS-the difference between two balances is the cost of the
asset that has not yet been depreciated
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Teacher101. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £11.37. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now