Question: 1. Accounting provides information about an organization's business transactions and events that both affect the accounting equation and can be reliably measured. Identify at least two examples of both
(a) business transactions and
(b) business events that meet these requirements.
2. Geneva Group reports net income of $20,000 for 2011. At the beginning of 2011, Geneva Group had $100,000 in assets. By the end of 2011, assets had grown to $150,000. What is Geneva Group's 2011 return on assets? How would you assess its performance if competitors average a 10% return on assets?