Business > CASE STUDY > ACCT_212_Week_4_Midterm_1.docx 1. (TCO 1) The Accounting Equation is used to develop the (All)
ACCT_212_Week_4_Midterm_1.docx 1. (TCO 1) The Accounting Equation is used to develop the
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ACCT_212_Week_4_Midterm_1.docx 1. (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what owners' equity is (10 points) & (2) provide an example o... f an owners' equity account. (10 points) (Points : 20)          Owner™s equity or stockholders™ equity is the amount left over after liabilities are deducted from assets. Using the accounting equation Assets=Liabilities + Owners equity, we can easily subtract liabilities from each side to isolate owner equity. A balance sheet would provide owner equity account information, specifically a corporation would use Common Stock, Retained Earnings, & Dividends accounts to record in the company™s stockholders™ equity. 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) & (2) explain what information this financial statement provides. (10 points) (Points : 20) The balance sheet is also known as the statement of financial position reflects how well a company is performing during the year. The balance sheet reports a company™s assets, liabilities, & owner™s (or stockholders™) equity at a specific point in time. Assets can include cash, equipment, land while debits can include loans & accounts receivable. 3. (TCO 1) The accounting profession follows a set of guidelines for measurement & disclosure of financial information called the Generally Accepted Accounting Principle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . . [Show More]
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