Acct 211 - Study guides, Class notes & Summaries

ACCT 211 - Exam 1 Accounting - 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, liabilities, and equity; Assets = Liabilities + Equity; also called balance sheet equation Assets - correct answer Resources a business owns or controls that are expected to provide current and future benefits to the business. A...

ACCT 211 Exam 1What 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 accounting. - correct answer +Managerial-Accounting information that is provided for internal users (Managers). +Financial-Accounting information that is provided for external users. Limited liability. - correct answer Prevents stockholders ...

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...

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 column in a ledger account is: - correct answer A column for showing the balance of the account after each entry is recorded. If a company reporting on a calendar year basis paid $18,000 cash on Janua...

ACCT 211 Exam Liberty university Questions with complete solution 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 i...

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, liabilities, and equity; Assets = Liabilities + Equity; also called balance sheet equation Assets - correct answer Resources a business owns or controls that are expected to provide current and future b...

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 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 ...

ACCT 211 - Exam 1__________ 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, internal auditors, sales staff, budget officers, controllers GAAP - correct answer Generally Accepted Accounting Principles GAAP aims to make information - correct answer relevant, reliable, comparable Relevant information _____...

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 accounting. - correct answer +Managerial-Accounting information that is provided for internal users (Managers). +Financial-Accounting information that is provided for external users. Limited liabili...

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 transactions and events, either manually or electronically what is the language of business? - correct answer Accounting external users - correct answer Not directly involved in running the org...