Acct 2101 - Study guides, Class notes & Summaries

Sole Proprietorship - correct answer a business owned by one person. The business is a separate entity for accounting purposes. However, a proprietorship is not a separate legal entity from its owner. Partnership - correct answer a business owned by two or more people, called partners, who are jointly liable for tax and other obligations. Like a proprietorship, no special legal requirements must be met in starting a partnership. The only requirement is an agreement bet...

ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receivable. c. liability. d. revenue. 3. Borrowing money is an example of a(n) a. delivering activity. b. financing activity. c. inves...

ACCT 2101 CH 9 QUESTIONS AND ANSWERS 100% CORRECT!!

ACCT 2101 FINAL EXAM STUDYGUIDE ALL SOLUTIONS CHAPTERS 1-12 ALL ACCURATE QUESTIONS AND ANSWERS CERTIFIED 100% GRADED A+ Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense.

LSU ACCT 2101 EXAM 4 LATEST 2024 VERSION QUESTIONS WITH REVISED AND UPDATED ANSWERS Process Cost System - Answer-Costing system used by companies that make homogeneous products or services. Job Order Cost System - Answer-Costing system used by companies that make unique products or provide specialty services. Job Cost Sheet - Answer-Document used to record all of the costs of producing a particular job or servicing a specific customer. Cost Behavior - Answer-Description of how total c...

Acct 2101 Test 2 Questions with accurate answers, graded A+ Five Steps in the Decision Making Process--1. Identify the decision problem (issues) 2. Determine the decision alternatives 3. Evaluate the costs and benefits of the alternatives 4. Make the decision 5. Review the results of the decision One point for identify the decision problem--the problem, NOT the system One point for evaluate the costs and benefits of the alternatives--select alternatives where the benefits outweigh t...

Acct 2101 Test 1, Top Questions and answers, 100% Accurate. Verified. Accounting is a system that ________, ________, and ___________ information that is __________, ________, ___________ to help users make better decisions.--identifies; records; communicates; relevant; reliable; comparable Objectivity Principle--Accounting information is supported by independent, unbiased evidence that is verifiable. Cost Principle--Accounting info is based on actual cost. Going–Concern Principle-...

ACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2...

Acct 2101 Exam 2 Top Questions and answers, 100% Accurate, graded A+ The term "recognition" means to report an economic event in the financial statements TRUE The term "accrual" describes an earnings event that is recognized before cash is paid or received TRUE The cost of a resource that will produce revenue in the future is an asset. TRUE Adjusting entries never affect a business's cash account TRUE An adjusting entry to accrue salary expense is a claims exchange transaction ...