1) GAAP stands for a. Generally Accepted Auditing Procedures. b. Generally Accepted Accounting Procedures. c. Generally Accepted Auditing Principles. d. Generally Accepted Accounting Principles. 2) The starting point of the accounting process is a. communicating information to users. b. identifying economic events. c. recording economic events. d. none of these answers are correct. 3) Which of the following would not be considered internal users of accounting data for a company? a. The President of a company. b. The Controller of a company. c. Field Sales Representatives of a company. d. Creditors of a company. 4) The following are examples of external users of accounting information except a. The Internal Revenue Service. b. Factory Supervisors. c. Labor Unions. d. Bank Loan Officers. 5) Liabilities of a company would not include a. notes payable. b. accounts payable. c. salaries and wages payable. d. cash.