ACCOUNTING 211

Liberty University

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ACCOUNTING 211 Liberty University -ACCT 211 Exam 2 USD with correct answers
  • ACCOUNTING 211 Liberty University -ACCT 211 Exam 2 USD with correct answers

  • Exam (elaborations) • 4 pages • 2024
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  • product testing cost - correct answer which of the following is an example of appraisal costs for quality management? false - correct answer businesses should invest up front in internal and external failure costs to reduce prevention and appraisal costs (T/F) it triggers production after the costumer places an order - correct answer which of the following statements is true of just-in-time management systems? indirect manufacturing costs - correct answer the activity-based costing syst...
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ACCOUNTING 211 Liberty University -ACCT 211 EXAM 2 with answers 100% correct
  • ACCOUNTING 211 Liberty University -ACCT 211 EXAM 2 with answers 100% correct

  • Exam (elaborations) • 7 pages • 2024
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  • ACCT 211 EXAM 2 Accounting Cycle - correct answer Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trail balance (or reverse entries) Classified Balance Sheet - correct answer Balance sheet that presents assets and liabilities in relevant subgroups, including current and noncurrent classifications Closing Entries - correct answer Entries recorded at the end of each accounting period to transfer end-of-period bal...
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ACCOUNTING 211 Liberty University -ACCT 211 Exam 3 questions with answers
  • ACCOUNTING 211 Liberty University -ACCT 211 Exam 3 questions with answers

  • Exam (elaborations) • 15 pages • 2024
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  • ACCT 211 Exam 3(Ch. 7) Long-Term Assets Tangible Asset - correct answer Material: Land, buildings, equipment, etc. (Ch. 7) Long-Term Assets Intangible Asset - correct answer Non-material: Patents, trademarks, copyrights, etc. (Ch. 7) Long-Term Assets Tangible and intangible assets are recorded in the _____________________ - correct answer Balance sheet (Ch. 7) Long-Term Assets We record a __________________ at its cost PLUS all expenditures necessary - correct answer Long-term asset...
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ACCOUNTING 211 Liberty University -ACCT 211 Exam well answered to pass
  • ACCOUNTING 211 Liberty University -ACCT 211 Exam well answered to pass

  • Exam (elaborations) • 11 pages • 2024
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  • ACCT 211 ExamAsset, Liability, or Equity: Accounts Payable - correct answer Liability Asset, Liability, or Equity: Accounts Recievable - correct answer Asset Asset, Liability, or Equity: Equipment - correct answer Asset Asset, Liability, or Equity: Sales Revenue - correct answer Equity (+) Asset, Liability, or Equity: Service Revenue - correct answer Equity (+) Asset, Liability, or Equity: INventory - correct answer Asset Asset, Liability, or Equity:
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ACCOUNTING 211 Liberty University -ACCT 211 Final Exam well answered rated A+
  • ACCOUNTING 211 Liberty University -ACCT 211 Final Exam well answered rated A+

  • Exam (elaborations) • 11 pages • 2024
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  • ACCT 211 Final ExamFalse - 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 of the following are assets except: Accounts Payable Accounts Receivable Cash ...
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ACCT 211 Final Exam with 100% correct answers
  • ACCT 211 Final Exam with 100% correct answers

  • Exam (elaborations) • 8 pages • 2024
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  • ACCT 211 Final ExamSeparate legal entity, Limited liability of stockholders, transferable ownership rights, continuous life, lack of mutual agency for stockholders, ease of capital accumulation. - correct answer Advantages of a corporation Government regulation, corporate taxation. - correct answer Disadvantages of a corporation Authorize stock - correct answer The number of shares that a corporations charter allows it to sell Issued stock - correct answer The amount of authorized stock...
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ACCOUNTING 211 Liberty University -acct 211 midterm #1 with complete solutions
  • ACCOUNTING 211 Liberty University -acct 211 midterm #1 with complete solutions

  • Exam (elaborations) • 5 pages • 2024
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  • 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...
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Acct 211 Quiz #1 well answered to pass
  • Acct 211 Quiz #1 well answered to pass

  • Exam (elaborations) • 2 pages • 2024
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  • Acct 211 Quiz #1Measurement Principle - correct answer (also called the cost principle) means that accounting information is based on actual cost Revenue Recognition Principle - correct answer Provides guidance on when a company must recognize revenue Matching Principle (expense recognition) - correct answer Prescribes that a company must record its expenses incurred to generate the revenue Full disclosure principle - correct answer Requires a company to report the details behind financ...
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ACCOUNTING 211 Liberty University -ACCT 211 Quiz 1 fully solved to pass
  • ACCOUNTING 211 Liberty University -ACCT 211 Quiz 1 fully solved to pass

  • Exam (elaborations) • 5 pages • 2024
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  • ACCT 211 Quiz 1Accounting 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 that distinguish right from wrong...
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ACCOUNTING 211 Liberty University -acct 211 test 1 with answers rated A+
  • ACCOUNTING 211 Liberty University -acct 211 test 1 with answers rated A+

  • Exam (elaborations) • 9 pages • 2024
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  • acct 211 test 1service 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 services related to money Ex: Investment banks share of common stock - cor...
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