Acct 211-Liberty University Exam 1 31 Questions And Correct Detailed Answers With Rationales (Verified Answers) |already Graded A+

Source Documents {Ans: -checks -bills from suppliers -purchase orders -bank statements -sales tickets -employee earnings}Debit {Ans: LEFT SIDE}ROA {Ans: Return on Assets is stated in ratio form as net income divided by the average total assets invested ROA=net income/average total assets}Accounting Assumptions {Ans: 1.Going-Concern Assumption Reflects assumption that the business will continue operating instead of being closed or sold. 2.Monetary Unit Assumption Express transactions and events in monetary, or money, units. 3.Business Entity Assumption A business is accounted for separately from other business entities, including its owner. 4.Time Period Assumption Presumes that the life of a company can be divided into time periods, such as months and years}Sustainability Accounting Standards Board (SASB) {Ans: -Nonprofit entity engaged in creating and disseminating sustainability accounting standards for companies. -Sustainability refers to environmental, social and governance. -Environmental aspects include programs to reduce pollution and support green activities. -Standards intended to complement financial accounting standards. -SASB created their own Conceptual Framework.}Accounting Equation {Ans: Assets = Liability + Equity}