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PRATICE FINAL EXAM Chapter 1 1. Which of the following is a specialized field of accounting? a. social accounting b. tax accounting c. environmental accounting d. all are correct 2. Select the type of business that is most likely to obtain large amounts of resources by issuing stock. 3. The following are examples of internal stakeholders except: 4. Managerial accountants would be responsible for providing the following information: a. Tax reports to government agencies. b. Profit reports to owners and management. c. Expansion of a product line report to management. d. Consumer reports to customers. 5. Which of the following is not a role of accounting in business? 6. The business entity concept means that a. the owner is part of the business entity b. an entity is organized according to state or federal statutes c. an entity is organized according to the rules set by the FASB d. the entity is an individual economic unit for which data are recorded, analyzed, and reported
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7. The Reynolds Company estimated that the value of its land had increased from $10,000 to $16,000 and therefore wrote up the land account to $16,000. Which accounting concept(s) was (were) violated? 8. Aztec Company is selling a piece of land adjacent to their business. An appraisal reported the market value of the land to be $100,000. The Majestic Company initially offered to buy the land for $87,000. The companies settled on a purchase price of $95,000. On the same day, another piece of land on the same block sold for $102,000. Under the cost concept, what is the amount that will be used to record this transaction in the accounting records? 9. If total liabilities decreased by $25,000 during a period of time and owner's equity increased by $30,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is
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