ACCT 211-Liberty University ACTUAL exam:
QUESTION AND ANSWERS UPDATED 2025
law, and mathematics. These disciplines not only have distinct areas of focus but also require unique approaches to assessment, with each exam testing different
cognitive abilities, analytical skills, and subject-specific knowledge. In this essay, we
Importance of Accounting - (ANSWER)Identifying, Recording, Communicating
Users of Financial Information - (ANSWER)1. Internal
2. External
Internal Users - (ANSWER)Internal users of accounting information ARE directly
involved in managing and operating an organization.
External Users - (ANSWER)External users of accounting information are NOT
directly involved in running the organization
3 Parts of the Fraud Triangle - (ANSWER)Opportunity-Envision a way to commit
fraud with a low perceived risk of getting caught
Rationalization-Fails to see the criminal nature of the fraud or justifies the action
Financial Pressure-Must have some pressure to commit fraud, like unpaid bills
Dodd-Frank Wall Street Reform and Consumer Protection Act - (ANSWER)This act
was designed to:
1. promote accountability and transparency in the financial system,
2. put an end to the notion of "too big to fail,"
3. protect the taxpayer by ending bailouts, and
, law, and mathematics. These disciplines not only have distinct areas of focus but
Stuvia.com also require
- The unique approaches
Marketplace to Buytoand assessment, with each
Sell your examMaterial
Study testing different cognitive abilities, analytical skills, and subject-specific
knowledge. In this essay, we
4. protect consumers from abusive financial services.
GAAP - (ANSWER)Generally Accepted Accounting Principles
aims to make information relevant, reliable, and comparable
IFRS - (ANSWER)International Financial Reporting Standards
Identify preferred accounting practices
IASB - (ANSWER)International Accounting Standards Board
An independent group (consisting of individuals from many countries), issues
International Financial Reporting Standards (IFRS)
Conceptual Framework - (ANSWER)
Principles of Accounting - (ANSWER)1. Measurement Principle
(or Cost Principle)
Accounting information is based on actual cost. Actual cost is considered
objective.
2. Revenue Recognition Principle
a. Recognize revenue when it is earned.
QUESTION AND ANSWERS UPDATED 2025
law, and mathematics. These disciplines not only have distinct areas of focus but also require unique approaches to assessment, with each exam testing different
cognitive abilities, analytical skills, and subject-specific knowledge. In this essay, we
Importance of Accounting - (ANSWER)Identifying, Recording, Communicating
Users of Financial Information - (ANSWER)1. Internal
2. External
Internal Users - (ANSWER)Internal users of accounting information ARE directly
involved in managing and operating an organization.
External Users - (ANSWER)External users of accounting information are NOT
directly involved in running the organization
3 Parts of the Fraud Triangle - (ANSWER)Opportunity-Envision a way to commit
fraud with a low perceived risk of getting caught
Rationalization-Fails to see the criminal nature of the fraud or justifies the action
Financial Pressure-Must have some pressure to commit fraud, like unpaid bills
Dodd-Frank Wall Street Reform and Consumer Protection Act - (ANSWER)This act
was designed to:
1. promote accountability and transparency in the financial system,
2. put an end to the notion of "too big to fail,"
3. protect the taxpayer by ending bailouts, and
, law, and mathematics. These disciplines not only have distinct areas of focus but
Stuvia.com also require
- The unique approaches
Marketplace to Buytoand assessment, with each
Sell your examMaterial
Study testing different cognitive abilities, analytical skills, and subject-specific
knowledge. In this essay, we
4. protect consumers from abusive financial services.
GAAP - (ANSWER)Generally Accepted Accounting Principles
aims to make information relevant, reliable, and comparable
IFRS - (ANSWER)International Financial Reporting Standards
Identify preferred accounting practices
IASB - (ANSWER)International Accounting Standards Board
An independent group (consisting of individuals from many countries), issues
International Financial Reporting Standards (IFRS)
Conceptual Framework - (ANSWER)
Principles of Accounting - (ANSWER)1. Measurement Principle
(or Cost Principle)
Accounting information is based on actual cost. Actual cost is considered
objective.
2. Revenue Recognition Principle
a. Recognize revenue when it is earned.
