Acct 211 - Study guides, Class notes & Summaries

ACCT 211 - EXAM 1 Liberty university Question and answer already passed 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 th...

ACCT 211 Exam 1 Liberty university Question and answers already passed ACCT 211 Exam 1 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...

acct 211 test 1 Liberty university Question and answers already passed acct 211 test 1 service 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 ...

ACCT 211 CH 1-3 Liberty university Questions with complete solution ACCT 211 CH 1-3 accounting - 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 N...

ACCT 211 - Exam 1 Liberty university Question and answer 100% correct 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...

ACCT 211 CH 1-3 QUESTIONS AND ANSWERS / LATEST

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 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...

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 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...

ACCT 211 Final Exam Liberty university Question and answers already passed ACCT 211 Final Exam 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 an accounting perspective, an event is a happening that affects the accounting equation, but cannot be measured Accounts Payable - correct answer All ...