Acc 201 Study guides, Class notes & Summaries

External users of accounting information include: A. Shareholders B. customers C. creditors D. government regulators E. All the above E 2. The operating functions of a business include: A. Research and development B. Purchasing C. Marketing D. Distribution E.All of the above E 3. The private board that currently has the authority to establish U.S. generally accepted accounting principles isthe: A. APB B. FASB C. AAA D. AICPA E. SEC B 4. The principle ...

ACCU 201 3-1 Final Project Milestone One Accounting Workbook

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Supplies pu...

Acc 201 Exam 1 2024 Updated Questions and Correct Solutions External users of accounting information include: A. Shareholders B. customers C. creditors D. government regulators E. All the above - Answer -E 2. The operating functions of a business include: A. Research and development B. Purchasing C. Marketing D. Distribution E.All of the above - Answer -E 3. The private board that currently has the authority to establish U.S. generally accepted accounting principles isthe: A. APB...

Ethics are the standards of conduct by which one's actions are judged as fair or unfair, honest or dishonest, right or wrong, all of these Financial statements are the major means of communicating accounting information to interested parties - especially external users (those outside the company). TRUE Expressing an opinion as to the fairness of the information presented, as well as adhering to GAAP in financial statements, is a service performed by CPAs. TRUE Historical (original) cos...

Question and Answers to Module 1- Problem set- Financial Accounting- ACC201. Cengage Learning. Cengage Book Assignment. topics covered are: Accounting Equation, Balance Sheet, Income Statement, Statement of stockholders' equity, net income, journal entries, transactions, dividends, debit and credit, and chart of accounts.

E. All of these.80. An internal control system consists of the policies and procedures managers use to: A. Protect assets. B. Ensure reliable accounting. C. Promote efficient operations. D. Urge adherence to company policies. E. All of these.

ACC 201 Week 1 Quiz 1-with 100% verified solutions-2022-2023

Neil owns a sporting goods store. In his accounting records, he included his personal computer and all of his personal sporting gear. Neil is violating what principle of accounting?Business entity Dental offices and law firms are service businesses.True Business owners are paid interest on the money they have invested in the business.False Beginning Retained Earnings are $ 35 comma 000; sales are $ 55 comma 800; expenses are $ 44 comma 100 and dividends paid are $ 2 comma 800. How much...