ACCOUNTING 211
Liberty University
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ACCOUNTING 211 Liberty University -ACCT 211 Exam 2 USD with correct answers
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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 appraisal costs (T/F) 
 
it triggers production after the costumer places an order - correct answer which of the following statements is true of just-in-time management systems? 
 
indirect manufacturing costs - correct answer the activity-based costing syst...
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ACCOUNTING 211 Liberty University -ACCT 211 EXAM 2 with answers 100% correct
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ACCT 211 EXAM 2 
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 sheet that presents assets and liabilities in relevant subgroups, including current and noncurrent classifications 
 
Closing Entries - correct answer Entries recorded at the end of each accounting period to transfer end-of-period bal...
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ACCOUNTING 211 Liberty University -ACCT 211 Exam 3 questions with answers
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ACCT 211 Exam 3(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 and intangible assets are recorded in the _____________________ - correct answer Balance sheet 
 
(Ch. 7) Long-Term Assets 
We record a __________________ at its cost PLUS all expenditures necessary - correct answer Long-term asset...
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ACCOUNTING 211 Liberty University -ACCT 211 Exam well answered to pass
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ACCT 211 ExamAsset, 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: 
 
Sales Revenue - correct answer Equity (+) 
 
Asset, Liability, or Equity: 
 
Service Revenue - correct answer Equity (+) 
 
Asset, Liability, or Equity: 
 
INventory - correct answer Asset 
 
Asset, Liability, or Equity:
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ACCOUNTING 211 Liberty University -ACCT 211 Final Exam well answered rated A+
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ACCT 211 Final ExamFalse - 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 an accounting perspective, an event is a happening that affects the accounting equation, but cannot be measured 
 
Accounts Payable - correct answer All of the following are assets except: 
Accounts Payable 
Accounts Receivable 
Cash 
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ACCT 211 Final Exam with 100% correct answers
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ACCT 211 Final ExamSeparate 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, corporate taxation. - correct answer Disadvantages of a corporation 
 
Authorize stock - correct answer The number of shares that a corporations charter allows it to sell 
 
Issued stock - correct answer The amount of authorized stock...
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ACCOUNTING 211 Liberty University -acct 211 midterm #1 with complete solutions
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acct 211 midterm #1What 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 partnerships. - correct answer FALSE 
 
In which forms of business organization are the owners personally liable for all the debts of the business? - correct answer Sole proprietorships and partnerships 
 
Which of the following is not an...
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Acct 211 Quiz #1 well answered to pass
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Acct 211 Quiz #1Measurement 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 
 
Matching Principle (expense recognition) - correct answer Prescribes that a company must record its expenses incurred to generate the revenue 
 
Full disclosure principle - correct answer Requires a company to report the details behind financ...
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ACCOUNTING 211 Liberty University -ACCT 211 Quiz 1 fully solved to pass
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ACCT 211 Quiz 1Accounting 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 
 
Managerial Accounting - correct answer Area of accounting aimed mainly at serving the decision-making needs of internal users; also called the management accounting 
 
Ethics - correct answer beliefs that distinguish right from wrong...
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ACCOUNTING 211 Liberty University -acct 211 test 1 with answers rated A+
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acct 211 test 1service 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 value 
Ex. Target 
 
manufacturing company - correct answer Makes goods then sells them 
Ex: Boeing 
 
financial services company - correct answer Provide a services related to money 
 
Ex: Investment banks 
 
share of common stock - cor...
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