Generally Accepted Accounting Principles may be described as: a. the accounting standards and concepts used in the preparation of financial statements b. the rules and regulations used in the preparation of tax returns c. guidelines for establishing a strong system of internal control. d. guidelines for keeping a business entity profitable and solvent 2. -------All the information about one particular business transaction can most easily be found by looking in the: a. Ledger b. Journal c. Trial Balance d. financial statements 3. -------balance Sheet is designed to show: a. how much a business is worth b. the profitability of the business during the current year. c. Assets, Liabilities, and Owner's Equity in the business at a particular date d. the cost of replacing the Assets and of paying off the Liabilities at December 31", 4. -------Which of the following relationships cannot be derived from the accounting equation? a. Assets - Liabilities = Owner's Equity b. Owner's equity Liabilities = Assets. c. Assets - Owner's Equity = Liabilities. d. Liabilities Assets = Owners Equity. 5. ---The accounting concept which assumes that, absent any information to the contrary, the business will continue into the foreseeable future is the: a. Business Entity concept