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ACCT 212 WEEK 4 MIDTERM EXAM
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ACCT 212 Week 4 Midterm Exam,
Assets = owners’ equity + liabilities
Owners’ equity = assets – liabilities
Owners’ equity = 100,000 – 27,000
Owners’ equity = 73,000
According to our textbook, owners’ equity could include the following: Common stock, preferred stock, corporation stock accounts, retained earnings, and paid in capital in excess of par.
For a partnership or sole proprietorship, it would include the owners’ capital or drawing accounts.
2.
Assets = Liabilities + Owners Equity
Assets = 12,000 + 50,000
Assets = 62,000
Cash and equipment could be used as two examples.
(TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners’ Equity is $50,000 by showing the Accounting Equation (10 points) and (2) provide an example of two asset accounts that could contain the value. (10 points) (Points : 20)
(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (Points : 20)
(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement should be prepared first and why (10 points) and (2) explain what information this financial statement provides. (10 points) (Points : 20)
(TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (Points : 20)
(TCO 1) The...