1. Communication of economic events is the part of the accounting process that involves A) identifying economic events. B) quantifying transactions into dollars and cents. C) preparing accounting reports. D) recording and classifying information. 2. The accounting process is correctly sequenced as A) identification, communication, recording. B) recording, communication, identification. C) identification, recording, communication. D) communication, recording, identification. 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 4. The cost of an asset and its fair value are A) never the same. B) the same when the asset is sold. C) irrelevant when the asset is used by the business in its operations. D) the same on the date of acquisition. 5. GAAP stands for A) Generally Accepted Auditing Procedures. B) Generally Accepted Accounting Principles. C) Generally Accepted Auditing Principles. D) Generally Accepted Accounting Procedures. 6. The double-entry system requires that each transaction must be recorded A) in at least two different accounts. B) in two sets of books. C) in a journal and in a ledger. D) first as a revenue and then as an expense