Multiple Choice (0.8 point cash + 25 - 20 Points) 1. Which of the following statements about users of accounting information is incorrect a. Creditors are external users b. Managers are intemal users c. Tax authorities are extemal users d. Labor unions are internal users 2. Liabilities can be best depicted by the following: a. Assets - Equity. b. Assets + Equity. c. Assets - Equity. d. Equity - Assets 3. As of December 31, Stoneland Company has assets of $4,500 and stockholders' equity of $2,000. What are the liabilities for Stoneland Company as of December 31? a. 1,500 b. 2,000 c. 2.500 d. 6,500 4. During 2020. Gibson Company's liabilities increased by $25,000 and stockholders' equity decreased by S9,000. Its total assets therefore a. decreased by $34.000 b. decreased by $16.000 c. increased by $16,000 d. increased by $34,000 5. Which of the following financial statements is not for a period of time? a. Balance sheet. b. Income statement. c. Retained earnings statement. d. Statement of cash flows