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. _____
3. A net loss will result during a time period when
a. liabilities exceed assets.
b. dividends exceed revenues.
c. expenses exceed revenues.
d. revenues exceed expenses.