8. A business has the following items listed: - Land ? Vehicles $600,000 - Accounts Payable $120,000 - Cash $30,000 - Owners equity $1,000,000 - Loan $500,000 - Credit Card $50,000 What is the balance of the land?* a) $1,040,000 b) $1,550,000 c) $800,000 d) $750,000 9. Which of the following statements are true?" a) A business whose liabilities are greater than its assets has a bad financial position. b) A business whose liabilities are greater than its owner's equity can be in a bad financial position c) A business whose assets are greater than its owner's equity has a bad financial position d) a) and b) 10. Generally Accepted Accounting Principles (GAAP) are determined by the ? a) Securities & Exchange Commission b) Public Company Accounting Oversight Board c) Financial Accounting Standards Board d) Office of the Comptroller of the Currency