1) The Accounting Equation is employed to make the organizations financial reports.
a) describe what assets value would be if Liabilities are $12,000 and Owners' Equity is $50,000 by showing the Accounting Equation.
b) Give an illustration of two asset accounts which could contain the value.
2) The financial statements present a company to the public in financial terms.
a) Which financial statement must be made first and why?
b) Describe what information this financial statement gives.