# ACCT 212 Midterm Exam Guide – All Possible Questions

## ACCT 212 Midterm Exam Guide – All Possible Questions

ACCT 212 Midterm Exam Guide – All Possible Questions
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1. (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 and Owners’ Equity is \$50,000 by showing the Accounting Equation (10 points) and (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 and why (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 Stable-Monetary-Unit 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. A building is purchased for \$535,000. (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)(Points : 20)

5. (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)(Points : 20)

1. (TCO 5) E-commerce creates its own...