ACG Assignment 1 - a) $21,000 b) $16,000 c) $45,000 3. a)...

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ACG Assignment 1 True or False 1. True 2. True 3. False 4. False 5. True 6. False 7. False 8. True 9. True 10. True 11. True 12. False Multiple Choice 1. A 2. A 3. A 4. B 5. B 6. A 7. C 8. C 9. D 10. A Problem 1. The major disadvantage of disregarding the cost concept and revaluing assets based on appraisals and opinions is that while the cost concept is concrete and objective, appraisals and opinions are estimates, which can be subjective and differ from person to person, or company to company. 2.
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Unformatted text preview: a) $21,000 b) $16,000 c) $45,000 3. a) Asset b) Liability c) Owners Equity d) Asset e) Liability f) Asset 4. a) +,+,+ b) +,+, no change c) -, no change, - d) +, no change, + e) +,-,+ f) -, -, no change g) -, -, no change h) +, +, no change i) -, -, no change j) +, +, no change k) +, no change, + l) no change, no change, no change m) +, no change, + n) -,-, no change o) no change, no change, no change...
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