ACCOUNTING 211

Accounting 211 Chapter 1-4 Liberty university Questions with complete solution 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 othe...

Accounting 211 exam 1 Debits and Credits Liberty university Question and answer verified to pass Accounting 211 exam 1 Debits and Credits Assets - 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' eq...

Accounting 211 exam 1 Liberty university Question and answers already passed Accounting 211 exam 1 What 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 cos...

Accounting 211 Exam 1 Liberty university Question and answer already passed Accounting 211 Exam 1 Chapter 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 ac...

Accounting 211 Final Exam Koss Liberty university Question and answers rated A+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 a...

Accounting 211 Final Exam Liberty university Question and answers already passed Accounting 211 Final Exam Corporation 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/doub...

Accounting 211 Quiz- Chapters 1 & 2Liberty university Question and answers 100% correct Accounting 211 Quiz- Chapters 1 & 2 accounting - 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 ans...

Accounting 211 Test 1 (chapters 1-4) Liberty university Question and answers rated A+Accounting 211 Test 1 (chapters 1-4) 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 ...

Accounting 211 Liberty university Questions with complete solution Accounting 211 Generally 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 fu...

Accounting 211- Liberty university Question and answers correctly solvedAccounting 211 Share 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...