Question 12 10 Points Which of the following are correct? 1. The balance sheet shows the accounting value of a firm's equity as of a particular date . The net working capital is defined as current assets minus current ability ill The GAAP sets forth the common set of standards and procedures by which audited financial statements are prepared W. The average tax rate is equal to total taxes divided by total income A II, III, and IV only B I, III, and IV only I, II, and IV only D I, II, and Ill only