ACCOUNTING 211

ACCT 211 CH 1-3accounting - 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 organization, Includes shareholders (inv...

Accounting 211 Chapter 1-4 Three types of businesses are - correct answer 1. Financing Activities: borrowing or paying back money to lenders and receiving additional funds from stockholders or paying them dividends 2. Investing Activities: buying or selling items such as plant and equipment used in the production of beverages. 3. Operating Activities: the day-to-day process of purchasing raw tea and other ingredients from suppliers, manufacturing beverages, delivering them to customers,...

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 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 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 Final Exam Koss Advantages of Corporations - correct answer Separate Legal Entity Limited Liability of Stockholder Unlimited Life Ease of Capital Accumulation Disadvantages of Corporations - correct answer Corporate Taxation Government Regulation Authorized Stock - correct answer # of shares a company's charter allows it to sell (Usually exceeds issued stock) Issued Stock - correct answer Sells stock directly (advertising) or indirectly (through a brokerage house, ...

Accounting 211 Final ExamCorporation advantages - correct answer separate legal entity (takes actions through agents) limited liabilities of stockholders transferable ownership rights continuous life lack of mutual agency (stockholders cannot bind corporation to contracts) ease of capital accumulation corporation disadvantages - correct answer government regulation corporate taxation/double taxation authorized stock - correct answer number of shares that a corporation's ...

Accounting 211 Quiz- Chapters 1 & 2accounting - correct answer an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable info about an organization's business activities external users - correct answer not directly involved in running organization (investors, lenders, suppliers, lawyers, customers) financial accounting aimed at - correct answer external users internal users - correct answer directly involved in managing/operatin...

Financial accounting - correct answer providing information about the financial resources, obligations and activities of an economic entity that is intended for use primarily by external decision makers, investors and creditors Generally Accepted accounting principles (GAAP) - correct answer principles that provide the framework for determining what information is to be included in financial statements and how that information is to be presented. Important because it keeps business honest and...

Accounting 211Generally Accepted Accounting Principles (GAAP) - correct answer aims to make information relevant, reliable, and comparable Accounting Equation - correct answer Assets=Liabilities Equity Assets - correct answer resources a company owns or controls, these resources are expected to yield future benefits Liabilities - correct answer Creditors' claims on an organization's assets; involves a probable future payment of assets, products, or services that a company is obligated...