ACCT 212 Week 4 Midterm

Feb 3rd, 2012
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DeVry University
Course: Accounting
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1. (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what owners' equity is (10 points) and (2) provide an example of an owners' equity account. (10 points) (Points : 20) 2. (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) 3. (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) 4. (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 s

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