Acct 211 exam 1 - 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-Liberty University EXAM 1 Question and answers rated A+ ACCT 211-Liberty University EXAM 1 Importance 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 involved in managing and operating an organization. External Users - correct answer External users of accounting information are NOT directly invol...

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 involved in managing and operating an organization. External Users - correct answer External users of accounting information are NOT directly involved in running the organization 3 Parts of the...

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 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 - ...

ACCT-211 Exam 1 Questions & Answer Liberty university rated A+ ACCT 211-Liberty University EXAM 1 Importance 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 involved in managing and operating an organization. External Users - correct answer External users of accounting information are NOT directly involve...

ACCT-211 Exam 1 Questions & Answer Liberty university rated A+ ACCT 211-Liberty University EXAM 1 Importance 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 involved in managing and operating an organization. External Users - correct answer External users of accounting information are NOT directly involve...

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 indirect method? - correct answer Operating activities Which of the following is the typical order of the sections on a statement of cash flows? - correct answer Operating, Investing, financing ...

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 indirect method? - correct answer Operating activities Which of the following is the typical order of the sections on a statement of cash flows? - correct answer Operating, Investing, financing The activities that are included i...

ACCT 211-Liberty University EXAM 1 With Complete Solutions

ACCT 211-Liberty University EXAM 1Importance 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 involved in managing and operating an organization. External Users - correct answer External users of accounting information are NOT directly involved in running the organization 3 Parts of the Fraud Triangle - corr...