1. Which of the following would not be considered an internal user of accounting data for the XYZ Company? a. President of the company b. Production manager c. Merchandise inventory clerk d. President of the employees’ labor union 2. Which of the following would not be considered an external user of accounting data for the XYZ Company? a. Internal Revenue Service Agent b. Management c. Creditors d. Customers 3. 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.
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4. The basic accounting equation may be expressed as a. Assets = Equities. b. Assets – Liabilities = Stockholders’ Equity. c. Assets = Liabilities + Stockholders’ Equity. d. all of these. 5. Liabilities a. are future economic benefits. b. are existing debts and obligations. c. possess service potential. d. are things of value used by the business in its operation. 6. The basic accounting equation cannot be restated as a. Assets – Liabilities = Stockholders’ Equity. b. Assets – Stockholders’ Equity = Liabilities. c. Stockholders’ Equity + Liabilities = Assets. d. Assets + Liabilities = Stockholders’ Equity
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