Acct 210 final Section 1 - Protected View - Saved to this PC Search Layout References Mailings Review View Help ernet can contain viruses. Unless you need to edit it's safer to stay in Protected View Enable Editing 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. Generally accepted accounting principles are A) income tax regulations of the Internal Revenue Service. B) standards that indicate how to report economic events. C) theories that are based on physical laws of the universe. D principles that have been proven correct by academic researchers. 3. GAAP stands for A) Generally Accepted Auditing Procedures. B) Generally Accepted Accounting Principles. C) Generally Accepted Auditing Principles, D) Generally Accepted Accounting Procedures. 4. A business organized as a corporation A) is not a separate legal entity in most states. B) requires that stockholders be personally liable for the debts of the business. C) is owned by its stockholders D) terminates when one of its original stockholders dies. 5. The basic accounting equation may be expressed as A) Assets- Stockholders Equity