ACCOUNTING 211

ACCT 211 Exam 3 questions n answers graded A+(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 - ...

ACCT 211 Exam questions with complete solutionsAsset, 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 Ass...

ACCT 211 Final Exam questions well answered graded A+False - 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 Pa...

ACCT 211 Final Exam questions with verified answersSeparate 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 answe...

acct 211 midterm #1 questions with complete solutionsWhat 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 ...

Acct 211 Quiz #1 questions with correct answers graded A+Measurement 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 co...

ACCT 211 Quiz 1 with verified solutions graded A+Accounting 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...

acct 211 test 1 questions with 100% correct answersservice 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 ...

acct 211 questions with answers graded A+The accounting equation can be restated as: Assets + Liabilities = Equity. - correct answer False From an accounting perspective, an event is a happening that affects the accounting equation but cannot be measured. - correct answer False The balance column in a ledger account is: - correct answer A column for showing the balance of the account after each entry is recorded. If a company reporting on a calendar year basis paid $18,000 cash on Janua...

ACCT 211-Liberty University EXAM 1 with verified answersImportance of Accounting - correct answer Identifying, Recording, Communicating Users of Financial Information - correct answer 1. Internal 2. External Internal Users - correct answer Internal users of accounting information ARE directly involved in managing and operating an organization. External Users - correct answer External users of accounting information are NOT directly involved in running the organization 3 Parts of the...