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ACCT 212 Midterm Exam
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ACCT 212 Midterm Exam
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ACCT 212 Midterm Exam, ACCT 212 Midterm Exam
Question 1:
(TCO 1) The Accounting Equation is used to develop the
organization's 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)
Student Answer: Assets, liabilities, owners equity Owners equity = assets –
liabilities Owners equity = 100,000 – 27,000 Owners equity =
73,000
Paid in capital: is capital outstanding for the period which are
measured by book value also called preferred shares. -Retained
earnings: is the earnings available to the shareholders. It's the
accumulated profits from past years that becomes available after
all dividend and obligations are taken care of. -Treasury stock:
the shares that are bought back by the company form
shareholders or the open market
Instructor Textbook pages 11-12. Owners' Equity = $100,000 - $27,000 =
Explanation: $73,000. Stock, Additional Paid in Capital, and Retained Earnings
are examples.
Comments: ok.
Question 2
. Question :
(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)
Student Answer:
Statement of cash flows: is a financial statement that provides an
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