Acct 2101 Study guides, Class notes & Summaries
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ACCT 2101 Final Exam Study Guide Chapters 1 – 12
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ACCT 2101 Final Exam Study Guide Chapters 1 – 12 
 
Chapter 1 
 
1.	The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a.	account payable. 
b.	account receivable. 
c.	revenue. 
d.	expense. 
 
2.	The right to receive money in the future is called a(n) 
a.	account payable. b.	account receivable. 
c.	liability. 
d.	revenue. 
 
 
3.	Borrowing money is an example of a(n) 
a.	delivering activity. b.	financing activity. 
c.	inves...
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Acct 2101 Test 2 Questions with accurate answers, graded A+
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Acct 2101 Test 2 Questions with accurate answers, graded A+ 
 
Five Steps in the Decision Making Process--1. Identify the decision problem (issues) 
2. Determine the decision alternatives 
3. Evaluate the costs and benefits of the alternatives 
4. Make the decision 
5. Review the results of the decision 
 
One point for identify the decision problem--the problem, NOT the system 
 
One point for evaluate the costs and benefits of the alternatives--select alternatives where the benefits outweigh t...
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ACCT 2101 FINAL EXAM STUDYGUIDE ALL SOLUTIONS CHAPTERS 1-12 ALL ACCURATE QUESTIONS AND ANSWERS CERTIFIED 100% GRADED A+
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ACCT 2101 FINAL EXAM STUDYGUIDE ALL SOLUTIONS CHAPTERS 1-12 ALL ACCURATE QUESTIONS AND ANSWERS CERTIFIED 100% GRADED A+ 
 
 
Chapter 1 
 
1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense.
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Acct 2101 Test 1, Top Questions and answers, 100% Accurate. Verified.
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Acct 2101 Test 1, Top Questions and answers, 100% Accurate. Verified. 
 
Accounting is a system that ________, ________, and ___________ information that is __________, ________, ___________ to help users make better decisions.--identifies; records; communicates; relevant; reliable; comparable 
 
Objectivity Principle--Accounting information is supported by independent, unbiased evidence that is verifiable. 
 
Cost Principle--Accounting info is based on actual cost. 
 
Going–Concern Principle-...
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ACCOUNTING (ACCT) 2101 Exam 1 RATED A
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ACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2101 Exam 1 RATED AACCOUNTING (ACCT) 2...
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Acct 2101 Exam 2 Top Questions and answers, 100% Accurate, graded A+
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Acct 2101 Exam 2 Top Questions and answers, 100% Accurate, graded A+ 
The term "recognition" means to report an economic event in the financial statements	TRUE 
 
The term "accrual" describes an earnings event that is recognized before cash is paid or received	TRUE 
 
The cost of a resource that will produce revenue in the future is an asset.	TRUE 
 
Adjusting entries never affect a business's cash account	TRUE 
 
An adjusting entry to accrue salary expense is a claims exchange transaction	...
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ACCT 2101 Exam 1 (CH 1-4) Question Fully Solved Graded A+.
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Sole Proprietorship - correct answer a business owned by one person. The business is a separate entity for accounting purposes. However, a proprietorship is not a separate legal entity from its owner. 
 
Partnership - correct answer a business owned by two or more people, called partners, who are jointly liable for tax and other obligations. Like a proprietorship, no special legal requirements must be met in starting a partnership. The only requirement is an agreement bet...
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ACCT 2101 Final Exam Study Guide Chapters 1 – 12
- Exam (elaborations) • 20 pages • 2022
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ACCT 2101 Final Exam Study Guide Chapters 1 – 12 
 
Chapter 1 
 
1.	The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a.	account payable. 
b.	account receivable. 
c.	revenue. 
d.	expense. 
 
2.	The right to receive money in the future is called a(n) 
a.	account payable. b.	account receivable. 
c.	liability. 
d.	revenue. 
 
 
3.	Borrowing money is an example of a(n) 
a.	delivering activity. b.	financing activity. 
c.	inves...
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ACCT 2101 FINAL EXAM STUDY GUIDE CHAPTER 1 - 12 Questions with completed solutions
- Exam (elaborations) • 19 pages • 2022
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Chapter 1 
1.The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) 
a. account payable. 
b. account receivable. 
c. revenue. 
d. expense. 
2.The right to receive money in the future is called a(n) 
a. account payable. 
b. account receivable. 
c. liability. 
d. revenue. 
3.Borrowing money is an example of a(n) 
a. delivering activity. 
b. financing activity. 
c. investing activity. 
d. operating activity. 
4.Which activities inv...
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ACCT 2101 Exam 2 Study Guide Chapters 4, 5, & 7 QUESTIONS WELL ANSWERED UPDATED 2022
- Exam (elaborations) • 12 pages • 2022
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Chapter 4 
1.The periodicity assumption states that: 
a. a transaction can only affect one period of time. 
b. estimates should not be made if a transaction affects more than one time period. 
c. adjustments to the enterprise's accounts can only be made in the time period when 
the business terminates its operations. 
d. the economic life of a business can be divided into artificial time periods. 
2.One of the accounting concepts upon which adjustments for prepayments and accruals are 
based is...
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