ACCT 212 Week 4 Midterm Exam WITH QUESTIONS AND CORRECT ANSERS ASSURED GRADE A SCORE

ACCT 212 Week 4 Midterm Exam WITH QUESTIONS AND CORRECT ANSERS ASSURED GRADE A SCORE .(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 & Owners' Equity is $50,000 by showing the Accounting Equation (10 points) & (2) provide an example of two asset accounts that could contain the value. (10 points) (Points : 20) 2. (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement should be prepared first & why (10 points) & (2) explain what information this financial 3. (TCO 1) The accounting profession follows a set of guidelines for measurement & disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the Stable-Monetary-Unit Assumption is (10 points) & (2) provide an example of its application. (10 points) (Points : 20)statement provides. (10 points) (Points : 20)