Which organization has the overall authority with the accounting and financial disclosures for companies whose shares of ownership (stock) are traded and sold to the public?

1. FASB
2. SEC
3. IASB
4. GAAP

Which type of business is owned by one individual?

1. Corporation
2. Partnership
3. Proprietorship
4. Limited Liability Company (LLC)

Burr Publishers purchased a building on March 20, 20X1, for $160,000. Other amounts related to this purchase are as follows:

• Price listed by seller on Jan. 1, 20X1, $180,000
• Burr Publishers' initial offer to buy on Jan. 31, 20X1, $140,000
• Purchase price on Mar. 20, 20X1, $160,000
• Estimated selling price on Dec. 31, 20X3, $220,000
• Assessed value for property taxes, Dec. 31, 20X3, $190,000

Which amount related to this purchase should be recorded in the accounting records?

1. 220,000
2. 180,000
3. 140,000
4. 160,000