ACC 280 Final (9th Set) 50 Questions

. The ACE Company has five plants nationwide that cost $100 million. The current market value of the plants is $500 million. The plants will be recorded and reported as assets at

a. $100 million.

b. $600 million.

c. $400 million.

d. $500 million. _____

 

2. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the

a. stand alone concept.

b. monetary unit assumption.

c. corporate form of ownership.

d. economic entity assumption. _____

 
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