D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000. The total assets are A) $320.000 B) $100,000 C) $110,000 D) $210,000 6. Which of the following is true of assets? A) Assets include Cash, Merchandise Inventory, and Accounts Payable. B) Assets are something of value the business owns or controls. C) Assets do not need to provide future benefit to the business. D) Assets can be recorded at the market value if acquired at a bargain. 7. Regarding liabilities, which of the following statements is incorrect? A) Liabilities represent one of the two claims to assets. B) A creditor who has loaned money to a business has a claim to some of the business's assets until the business pays the debt C) Liabilities are economic resources that are expected to benefit the business in the future, D) Many, but not all, liabilities have the word payable in their titles 8. Precision Camera Services started the year with total assets of $110.000 and total liabilities of $45.000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to 5120.000 and S90 DOO, respectively. During the year, there were no new capital contributions and the owner withdrew 6. Which of the following is true of assets? A) Assets include Cash, Merchandise Inventory, and Accounts Payable. B) Assets are something of value the business owns or controls. C) Assets do not need to provide future benefit to the business. D) Assets can be recorded at the market value if acquired at a bargain. 7. Regarding liabilities, which of the following statements is incorrect? A) Liabilities represent one of the two claims to assets. B) A creditor who has loaned money to a business has a claim to some of the busine business pays the debt. C) Liabilities are economic resources that are expected to benefit the business in the D) Many, but not all, liabilities have the word payable in their titles. 8. Precision Camera Services started the year with total assets of $110,000 and total li company is a sole proprietorship. The revenues and the expenses for the year amounte $90,000, respectively. During the year, there were no new capital contributions and the $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120,000 C) $45,000 D) $50.000