The difference between the balance of a plant asset account and the related accumulated depreciation account is the asset's _____.

If a business owner wants to protect him/herself from liabilities associated with their business, it is recommended that he/she establish a sole proprietorship.

On the cash flow statement, a change in accounts receivable is found in the _________ section.

Are audited financial statements guaranteed to be free of error?

What does a business owe all of its assets to?

A snapshot of the company best correlates to which financial statement?

Under IFRS, what is the appropriate accounting treatment for ownership over 50%?

Which of the following is not classified as financial asset?

What type of transaction is not included in Comprehensive income reporting?

Where, in order on the Income statement, is the reporting of discontinued operations?

Simons Company is purchasing land to build a new factory. The following are the expenses incurred to purchase the land: • Purchase price of the land $150,000 • Real estate commissions $10,500 • Back property taxes $5,000 • Survey $5,000 At what amount should Simons record the land?