ACCT 212(DEVRY) help A Guide to career/uophelp.com ACCT 212(DEVRY) help A Guide to career/uophelp.com | Page 8

ACCT 212 Week 4 Midterm
For more course tutorials visit
www.uophelp.com
(TCO 1) The Accounting Equation is used to develop the organizations
financial reports. (1) Describe what owners' equity values would be if
Assets are $100,000 and Liabilities are $27,000 by showing the
Accounting Equation (10 points) and (2) provide an explanation of what
accounts could be found in owners' equity. (10 points)
(TCO 1) The financial statements present a company to the public in
financial terms. (1) Which financial statement identifies where cash was
generated and where it was spent during the year (10 points) and (2)
identify the three major parts of this statement. (10 points)
(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 International Financial Reporting Standards (IFRS) are (10 points)
and (2) provide an example of its application. (10 points)
(TCO 2) Transaction analysis results in the development of a journal
entry. Supplies are purchased on account agreeing to pay $500 within 30
days. (1) Name the accounts impacted and how using the format account
name/debit or credit/dollar amount (10 points) and (2) explain how the
Accounting Equation is impacted. (10 points)
(TCO 3) Adjusting Entries are required at the end of the period to ensure
that accrual accounting principles are applied. At the beginning of the
month $1,350 of office supplies were purchased. There was not a
beginning balance and the one purchase was the only one for the month.
At the end of the month $500 of supplies remained. Develop the
adjusting entry. (1) Name the accounts impacted and how using the
format account name/debit or credit/dollar amount (10 points) and (2)
explain how the Accounting Equation is impacted. (10 points)