Accounting 211 exam 1 - Study guides, Class notes & Summaries

Accounting 211 exam 1What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory for November is: - correct answer...

Accounting 211 exam 1 questions well answered graded A+What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory...

ACCT 211 Exam 1What is managerial accounting? - correct answer Provides information and analysis to managers inside the organization to assist them in decision making. Financial Accounting vs Managerial Accounting: Primary Users of Reports - correct answer Financial Accounting is external users, stockholders, creditors, and regulators. Managerial Accounting is internal users such as managers and officers. Financial Accounting vs Managerial Accounting: types/frequencies of reports - corr...

Accounting 211 Exam 1Chapter 1 - correct answer managerial accounting - correct answer field of accounting that provides economic and financial information for managers and other internal users main differences between managerial and financial - correct answer managerial: -for internal users -doesn't have to follow GAAP -detailed reports for a specific decision -reports as frequently as needed 3 activities and responsibilities of management - correct answer 1. planning 2. directi...

Accounting 211 Exam 1 questions well answeredChapter 1 - correct answer managerial accounting - correct answer field of accounting that provides economic and financial information for managers and other internal users main differences between managerial and financial - correct answer managerial: -for internal users -doesn't have to follow GAAP -detailed reports for a specific decision -reports as frequently as needed 3 activities and responsibilities of management - correct answer...

Accounting 211 exam 1 Liberty university Question and answers already passed Accounting 211 exam 1 What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cos...

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 ...

Accounting 211 Exam 1 Liberty university Question and answer already passed Accounting 211 Exam 1 Chapter 1 - correct answer managerial accounting - correct answer field of accounting that provides economic and financial information for managers and other internal users main differences between managerial and financial - correct answer managerial: -for internal users -doesn't have to follow GAAP -detailed reports for a specific decision -reports as frequently as needed 3 ac...

Accounting 211 exam 1 Debits and CreditsAssets - correct answer increase with debits decrease with credit Liabilities - correct answer decrease with debits increase with credits Shareholder's equity - correct answer decrease with debits increase with credits Normal balance - correct answer increase side of t-chart Revenues Expenses - correct answer increase shareholders' equity = credit decrease shareholders' equity = debit The accounting cylce - correct answer 1. Analyze...

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 ...