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Accounting 211 exam 1 Debits and Credits Liberty university Question and answer verified to pass
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...
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- Exam (elaborations)
- • 3 pages •
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 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...
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- Exam (elaborations)
- • 21 pages •
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 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...
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- Exam (elaborations)
- • 12 pages •
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 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...
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- Exam (elaborations)
- • 7 pages •
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 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...
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- Exam (elaborations)
- • 10 pages •
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 & 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...
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- Exam (elaborations)
- • 6 pages •
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) 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 ...
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- Exam (elaborations)
- • 3 pages •
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 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...
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- Exam (elaborations)
- • 9 pages •
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 solved
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...
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- Exam (elaborations)
- • 21 pages •
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...
Accounting 211 Liberty university Question and answers verified to pass
Accounting 211 Liberty university Question and answers verified to pass Accounting 211 
 
 
Accounting 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' E...
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- Exam (elaborations)
- • 57 pages •
Accounting 211 Liberty university Question and answers verified to pass Accounting 211 
 
 
Accounting 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' E...
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NJ QPA Exam 2021(UPDATED) Question and answers 100% correct