Circle the best answer for each of the following questions. Accountants employed by a particular business or not-for-profit organization, perhaps as chief accountant, controller, or financial vice-president, said to be engaged in: a. general accounting b. public accounting c. independent accounting d. private accounting A type of business that changes basic inputs into products that are sold to individual customers. a. service business b. manufacturing business c. merchandising business d. proprietorship business The accounting concept that requires economic data be recorded in dollars. a. cost concept b. objectivity concept c. business entity concept d. unit of measure concept The for amounts recording properties and services purchased by a business are determined using the: a. business entity concept b. cost concept c. matching principle d. proprietorship principle Another way of writing the accounting equation is: a. Assets + Liabilities = Stockholders' Equity b. Stockholders' Equity + Assets = Liabilities c. Assets = Stockholders' Equity-Liabilities e. Assets - Liabilities = Stockholders' Equity If total liabilities increased by $20,000 during a period of time and stockholders' equity increased by $5,000 during the same period. the mount and direction (increase decrease) of the period's change in total assets is: a. $20,000 increase b. $20,000 decrease c. $25.000 decrease d. $25,000