1. If total liabilities increased by $100,000 and stockholders equity increased by $30,000 during a period of time, then total assets must change by what amount and direction during that same period?

Question 1 options:

	$100,000 increase
	$130,000 decrease
	$30,000 decrease
	$130,000 increase

2. Meat and Liquor Corp. has five plants nationwide that cost $400 million to build. The current fair market value of the plants is $550 million. The plants are listed for sale at $600 million. The plants will be reported as assets at

Question 2 options:

	$516.7 million
	$600 million
	$400 million
	$500 million

3. Which of the following is an advantage of the corporate form of business organization?

Question 3 options:

	Favorable tax treatment
	Easier to start than other forms
	Simpler to run
	No personal liability

4. Sale of $100 on account results in

Question 4 options:

	A debit to accounts receivable and a credit to revenues
	a credit to accounts receivable and a debit to cash
	a credit to accounts receivable and a debit to revenues
	a debit to accounts receivable and a credit to cash