ACCOUNTING 211

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...

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21 pages

Written in 2023/2024

Grade A+

BravelRadon

Accounting 211 fully solvedShare of common stock - correct answer certificates of ownership in a corporation Dividends - correct answer earnings of a corporation distributed to owners Fiscal Year - correct answer a year in the life of a business, does not have to match a calendar year Principal - correct answer amount a loan is made for Interest - correct answer cost of borrowing money Sole Proprietorship - correct answer single owner of a business Parntership - correct answe...

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21 pages

Written in 2023/2024

Grade A+

BravelRadon

1 Exam (elaborations) ACCOUNTING 211 Liberty University -Accounting 211 Chapter 1-4 fully solved 2 Exam (elaborations) ACCOUNTING 211 Liberty University -Accounting 211 exam 1 Debits and Credits questions n answers rated A+ 3 Exam (elaborations) ACCOUNTING 211 Liberty University -Accounting 211 exam 1 graded A+ passed 4 Exam (elaborations) ACCOU

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61 items

BravelRadon

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,...

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6 pages

Written in 2023/2024

Grade A+

BravelRadon

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...

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3 pages

Written in 2023/2024

BravelRadon

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...

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12 pages

Written in 2023/2024

Grade A+

BravelRadon

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, ...

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7 pages

Written in 2023/2024

Grade A+

BravelRadon

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 ...

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10 pages

Written in 2023/2024

Grade A+

BravelRadon

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...

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6 pages

Written in 2023/2024

Grade A+

BravelRadon

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...

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3 pages

Written in 2023/2024

Grade A+

BravelRadon

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...

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9 pages

Written in 2023/2024

Grade A+

BravelRadon

Accounting 211Share of common stock - correct answer certificates of ownership in a corporation Dividends - correct answer earnings of a corporation distributed to owners Fiscal Year - correct answer a year in the life of a business, does not have to match a calendar year Principal - correct answer amount a loan is made for Interest - correct answer cost of borrowing money Sole Proprietorship - correct answer single owner of a business Parntership - correct answer owned by t...

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21 pages

Written in 2023/2024

Grade A+

BravelRadon

Accounting 211Accounting Transactions - correct answer -Economic events that require recording in the financial statements -Exchange of assets, liabilities, and stockholders equity Accounting Equation - correct answer Assets = Liabilities + Stockholders' Equity Transaction Analysis - correct answer The process of identifying the specific effects of economic events on the accounting equation Stockholders' Equity - correct answer -Common stock is affected when the company issues new sh...

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57 pages

Written in 2023/2024

Grade A+

BravelRadon

ACCT 211 - Exam 1 Accounting - correct answer Information and measurement system that identifies, records, and communicates relevant information about a company's business activities. Accounting Equation - correct answer Equality involving a company's assets, liabilities, and equity; Assets = Liabilities + Equity; also called balance sheet equation Assets - correct answer Resources a business owns or controls that are expected to provide current and future benefits to the business. A...

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10 pages

Written in 2023/2024

Grade A+

BravelRadon

ACCT 211 - Exam 1__________ is called the language of business - correct answer Accounting External users - correct answer Lender, Shareholders, Governments, Consumer Groups, External Auditors, Customers Internal users: - correct answer officers, managers, internal auditors, sales staff, budget officers, controllers GAAP - correct answer Generally Accepted Accounting Principles GAAP aims to make information - correct answer relevant, reliable, comparable Relevant information _____...

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8 pages

Written in 2023/2024

Grade A+

BravelRadon

ACCT 211 - EXAM 2 - KOSSdays' sales uncollected - correct answer (Accounts receivable/ net sales) x 365 current ratio - correct answer current assets/ current liabilities acid test ratio - correct answer (cash and cash equivs + short term investments + current receivables)/ current liabilities current liabilities - correct answer payables and unearned rev current assets - correct answer cash, short term investments, a/r, notes receivable, inventory, prepaids how many entries do y...

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4 pages

Written in 2023/2024

Grade A+

BravelRadon

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 (in...

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9 pages

Written in 2023/2024

Grade A+

BravelRadon

ACCT 211: Chapter 1, Financial Accounting Revenue Recognition - correct answer Revenue is recognized and recorded when earned. Matching - correct answer Expenses are recorded in the time period when they are incurred to generate revenues Cost - correct answer Assets are recorded and maintained at their historical costs Asset - correct answer A resource of a business with future value liability - correct answer an obligation of a business which will require the sacrifice of some futu...

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3 pages

Written in 2023/2024

Grade A+

BravelRadon

Acct 211 chapters 20, 21, 22A major purpose of cost accounting is to - correct answer Measure, record, and report product costs Usually, under- or overapplied overhead is considered to be an adjustment to - correct answer cost of goods sold If manufacturing overhead has a credit balance at the end of the period, then - correct answer overhead has been overapplied When a job is completed and all cost have been accumulated on a job cos sheet, the journal entry that should be mad is - corr...

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3 pages

Written in 2023/2024

Grade A+

BravelRadon

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 ...

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9 pages

Written in 2023/2024

Grade A+

BravelRadon

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...

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25 pages

Written in 2023/2024

Grade A+

BravelRadon