1) The accounting process is correctly sequenced as a) Identification, communication, recording b) Recording, communication, identification c) Identification, recording, communication d) Communication, recording. Identification 2) Which of the following would not be considered an internal user of accounting data for the GHIl Company President of the company a. b. Production manager c. d. Merchandise inventory clerk President of the employees' labor union. 3) GAAP stands for Generally Accepted Auditing Procedures a. b. Generally Accepted Accounting Principles c. Generally Accepted Auditing Principles d. Generally Accepted Accounting Procedures A business organized as a corporation 4) a. is not a separate legal entity in most states requires that stockholders be personally liable for the debts of the business Is owned by its stockholders b. c. d. Terminates when one of its original stockholders dies Owner's equity is best depicted by the following a. Assets Liabilities b. Liabilities+ Assets c. Residual equity+ Assets d. Assets Liabilities The basic accounting equation may be expressed as a. Assets Equities b. Assets-Liabilities Owner's equity c. Assets Liabilities+Owners Equity d. All of these The basic accounting equation cannot be restated as a. Assets -Liabilities Owner's Equity b. Assets-Owner's Equity- Liabilities 5) 6) 7) Owner's Equity + Liabilities Assets + Liabilities # Owners Equity Assets d. An account consists of a. One part b. Two parts c. Three parts d. Four parts 8)