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 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) 3. (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) 4. (TCO 2) Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $2,500 within 30 days. (1) Name the accounts impacted and how

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