Acct 211-Liberty University Exam 1 Quiz For 2024 Updated Solutions.

Salvage Value {Ans: -The expected market value or selling price of an asset at the end of its useful life Also called: Scrap Value or Residual Value}Users of Financial Information {Ans: 1. Internal 2. External}Liability Accounts {Ans: -accounts payable -notes payable -accrued liabilities -unearned revenue}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}3 Parts of the Fraud Triangle {Ans: Opportunity-Envision a way to commit fraud with a low perceived risk of getting caught Rationalization-Fails to see the criminal nature of the fraud or justifies the action Financial Pressure-Must have some pressure to commit fraud, like unpaid bills}GAAP {Ans: Generally Accepted Accounting Principles aims to make information relevant, reliable, and comparable}