8. A business purchases an acre of land for $5,000. The current market value is $5,550, and the land was assessed for property tax purposes at $5,250. What value should the land be recorded at, and which accounting principle supports your answer? 9. What does the going concern assumption mean for a business? 10. Which concept states that accounting information should be complete, neutral, and free from material error? 11. Financial statements in the United States are reported in U.S. dollars. What assumption supports this statement? 12. Explain the role of the International Accounting Standards Board (IASB) in relation to International Financial Reporting Standards (IFRS). 13. What is the accounting equation? Briefly explain each of the three parts. 14. What are two ways that equity increases? What are the two ways that equity decreases? 15. How is net income calculated? Define revenues and expenses. 16. What are the steps used when analyzing a business transaction? 17. List the four financial statements. Briefly describe each statement. 18. What is the calculation for ROA? Explain what ROA measures